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 Master Deed, used by condominium developers or converters, is a legal document that records the division of a property into individually owned units, includes restrictions on their use, and outlines ownership of common areas.
Preclosing is a process conducted prior to the final closing of a real estate transaction whereby instruments are prepared and signed by some or all parties involved in the contract. This process is especially useful in complex transactions involving multiple parties or arrangements.
