Have any of you ever had to create a condo corporation?
I am considering an apartment building with the possibility of splitting up and flipping the individual units into condos.
In this case, I would have to create a condo corporation so the individual units would pay condo fees.
I have never paid condo fees in my life, never owned a condo, rented apartments then bought houses.
Any tips on how one would go about this?
I hired an attorney to create and file a document called a "condominium declaration." I am not sure where you are from, but there is a mechanism for this. Call a few local real estate attorneys.
I'll check into that with a local lawyer.
Once you had the declaration built who managed it once you sold all your units? Was it a management company or a coalition of owners or a bit of both?
Creating the HOA is the easy part you have to get the apartment converted to condos via a plat map and subdivision. Its a multi step process. Look up condo conversion "your city"
According to the realtor this property is already converted and each unit has its own title, which is very interesting and confusing at the same time, not sure how or why it would be both an apartment and a condo at the same time!
I will have to look into this a lot further.
Paul,I'm curious how this turned out. I have a similar situation brewing.