Process to convert a 3 Family to condos...Anyone?

3 Replies

Hello Everyone, has anyone converted or tried to convert a Multi family (Triple Decker) to condos while carrying a Mortgage in Boston/Mass? If not in Boston, maybe somewhere else in the US? Any leads to this procedure or details i can start with will be appreciated. best, T

@Taoufik K. Talk to a real estate attorney about the process.  Expect to spend ~$4,000 in legal and engineering fees.  

My memory is that if there are tenants, they must be given a right of first refusal when selling the units.  You'll also have to honor existing leases.

Thanks Charlie! i appreciate your input. Yes, im well aware of these requirements. What about the Mortgage balance that is still unpaid? do you have any info about the case of carrying a Mortgage and doing conversion? Or there any banks that lend money to allow this kind of projects?
Thanks Charlie! i appreciate your input. Yes, im well aware of that fees of the Attorney. What about the Mortgage balance that is still unpaid? Do i nees a partial lien to sell the first condo after conversion? do you have any info about the case of carrying a Mortgage and doing conversion? Are there any banks/lenders that lend money to allow this kind of projects? Any recommendation will be appreciated.

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