I currently live in an apartment in Cambridge. The apartment is in my grandmother’s 4 unit building where I pay rent. If she wanted to convert the units to condos, what are the steps she would need to take? Can she convert one at a time or is it best to convert all 4 at once?
You cannot convert a building into condominiums without converting all apartments. The first step in the conversion process is to check to be sure the local city or town does not have an condominium conversing laws or restrictions. Some cities and towns regulate conversions and others provide protections for certain tenants. The next step is to have an engineer or architect prepare floor plans, showing the layout of each unit. Most every conversion has a site plan prepared as well, showing the lot, the building and any outdoor common areas and designated parking spaces. When the plans are completed an attorney prepares a Master Deed and Condominium Trust for recording. It is wise to also have an estimated budget drawn up – and if you intend to sell units consider having rules and regulations prepared as well. The process can take 2 months and the property is not officially condominiums until the plans, master deed and trust are recorded at the registry.
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