The process of converting rental apartments or other types of multi-unit buildings into individually owned units usually under a condominium structure.
A converter is an active real estate entrepreneur who changes the ownership and/or physical configuration of property. Converters often transform properties into different usage types or upgrade them to increase their value.
A Declaration of Condominium Ownership is a legal document required for the establishment, management, and governance of a condominium association according to relevant state laws. This document outlines the rights and responsibilities of unit owners, common areas, and the owners' association.
A fractured condominium refers to a housing development in which some units are rented out as apartments while others are sold and occupied as owner-occupied condominiums. This situation typically arises when a developer's attempt to sell a majority of units as condos fails, resulting in a mixed-use scenario.
