Condo Conversions Explained - Everything You Need To Know, Part 1 of 2

The Real Estate Law Podcast

What exactly is a condo conversion, you ask? You have come to the right spot!

We have a two-part conversation about condo conversions.

• What is a condo conversion?
• Dividing up existing real estate into different pieces (not by lot line) so that they can be sold or owned separately.
• It’s not a physical difference - just a legal one.
• Why would you do a condo conversion? (Hint - If it’s more profitable to sell units separately).

• Some planning is involved for marketability - Separate utilities, Level of finishing, Sensible layouts and amenities

• How to do it: three items needed
• Master Plan - as built drawing by architect and surveyor
• Master Deed - description of units - who owns what - prepared by attorney in conjunction with architect’s plans
• Declaration of Trust - how the condo is managed, rules - prepared by attorney
• Legal limits, such as 4+ units, Extra municipal rules, and Taxes

• Other considerations - Registered land approval and insurance

Learn all of this and more!

Join Jason Muth from Straightforward Short-Term Rentals and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts for another episode of The Real Estate Law Podcast!

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