Condo Conversion

Raymond Harrison believes that we are in the early stages of a time period which will include the conversion of large numbers of multi-unit properties into condominiums.

 

He has produced and presented numerous continuing legal education seminars teaching other attorneys about condominium conversion issues.

Any residential, commercial or industrial property having two or more units may be converted into a condominium. A conversion condominium is created by the recording of a Public Offering Statement in the Land Evidence Records.

The Public Offering Statement includes the condominium Declaration, Bylaws and Rules as well as a general explanation of their contents. Plats and Plans, typically prepared by a land surveyor, must also be recorded. Additionally, a report describing the condition of a condo conversion building prepared by an architect or engineer must be included in the Public Offering Statement.

No approval from any government agency is required for condo conversion. For example, if a property is a legal three unit apartment building prior to conversion, it will then become a legal three unit condominium. Conversion condominiums are governed by the same law as properties that were built originally as condominiums. A condo conversion should add substantial value to property immediately upon its creation.