Updated over 5 years ago on . Most recent reply
Purchasing building for condo conversion development
Hello I would appreciate feedback from experienced developers. I am considering purchasing a 12k sq foot building with architectural plans already in place to convert to 12-14 condos. I walked the building with experienced contractors last week and they will provide an estimate of the cost. There are other elements of the deal that I have to assess like parking, tax credits, speak to the city planners, bank lending structure etc that I estimate will take 30 days to evaluate whether the deal is good or not.
I did not place an offer yet because I need to evaluate the project first. The building is solid structurally.
How would I secure the option to buy with the understanding I could back out in 30 days for any reason while I assess the project? I won’t be doing an inspection on the building.
I would also appreciate feedback on deal structure and financing since I would be looking for partners to invest in this.
Thank you
Michele