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Richards Law Office, P.C.

CONDOMINIUM CONVERSIONS

CondoThe condominium conversion process requires the efforts of an attorney, an engineer or land surveyor and an architect. Our office coordinates the entire condominium process and prepares all necessary legal documents to make a property condominium conversion. The legal documents required include a Master Deed, Declaration of Trust, Bylaws, Master Deed Floor Plans and a Site Plan. These documents together make up the condominium and are recorded at the applicable registry of deeds.
The owner will need to complete a questionnaire to assist with drafting the legal documents.  Some of the information needed is as follows:

  • Common areas and boundaries of each unit.
  • Rights and obligations of the unit owners, including the exclusive right to use areas for each unit. These exclusive right-to-use areas often include a storage area in the basement, front or rear porches and a parking space outside.
  • Condominium association, which will manage the day-to-day running of the condominium. The condominium association will have its own bank account into which each unit's monthly condominium fees will be deposited, if any.
  • All condominium associations must have a master insurance policy covering the common areas and certain installed portions of each unit. Unit owners can purchase content policies if they wish to cover their furnishings and personal possessions. In order to ensure that mortgage lenders will accept the master insurance, the policy likely must include public liability coverage of at least $1,000,000.00.

Fees

Two or Three Family Property

$2,500.00

Four Family

$3,000.00

This fee includes the Unit Deeds and 6(d) Certificates. The legal fee to represent the seller in the sale of the condominium units is $750.00 per sale transaction. This fee includes preparation of the purchase and sale agreement, holding escrow funds, review and advise on all legal documents, and attend the closing.         

Condominium Plans

The Master Deed Floor Plans for a two, three or four family houses will cost between $1,800.00 and $2,500.00. The Site Plan will cost between $750.00 and $1,000.00.

Recording Fees 

The recording fees for the condominium documents will cost approximately $500.00.