Converting a Triplex apartment into 3 Condos - Posted by john


#1

Posted by Farr on October 26, 1998 at 09:37:36:

John:

Yes, you can convert! But you must develop CCRs, file a plat, and change the legal description. If this sounds complex, it is! Condo conversion, depending on how you shop your attorney and how much you do yourself, can cost as little as (a planning price) $1,000 per unit. You can, of course, recover these costs and profit from your sales, but it will cost you some front money.

I would check with a local real estate attorney in Georgia to determine the drill there.

Good luck!


#2

Converting a Triplex apartment into 3 Condos - Posted by john

Posted by john on October 25, 1998 at 20:50:55:

Hello anyone,

I would like to know if it is possible to convert a triplex building that I own into 3 condos. Instead of selling the whole building I would like to sell each unit. Are there any papers or legal “stuff” that needs to be done or do you just sell them as three units?

PS. I live in Georgia just in case we have specific laws…

Thanks a million
John


#3

Stock Co-operative - Posted by John Behle

Posted by John Behle on October 27, 1998 at 02:44:28:

An alternative to Condos that can be cheaper with fewer approval requirements or upgrade requirements is a “Stock Co-operative” or Co-op. The stucture is simple, a corporation is formed, the “owners” own a percentage of the stock and have lease rights to their own unit (called a “Proprietary Lease”), The lease is a long term lease like 99 years that rolls over and extends. You still need an attorney, but it may be cheaper and easier. Once you have the basic setup though, you can use it on property after property.