Fractured Condominium/Conversion & Reversion
Condominium Conversion – Transforming the use or ownership of property, generally an income-producing real estate property, i.e. converting apartments into condominiums. Conversion may involve remodeling and partitioning and relocating tenants who do not choose to buy their units. For example, when an apartment is purchased for the purpose of converting it to a “for sale” property in order to sell individual units. For example, a 75-unit apartment building, currently rented as apartments, is purchased for conversion to sell the individual units. The legal description may or may not reflect a condominium plan. If not, then the legal description will have to be changed. One the individual units reflect separated legal description and comply with the subdivision map act of that state, the current tenants are relocated during reconstruction/remodeling. After reconstruction, the units are listed for sale, and existing tenants at the time of conversion are usually offered the first chance to purchase the units.
We have performed conversions, reversions and appraised conversions that are fractured. Please contact us for any fractured condominium projects, condominium conversion project and condominium reversion projects.