Converting from Apts into Condos
I own a fourplex (two up & two down). I was wondering what it would take to re-structure these units into condos. I would like to sell each of the unit separately. Has anyone ever done one of these before. Just looking for thoughts on the subject, before I attempt to seek legal advice.[ Edited by Vern on Date 12/30/2002 ]
VERN:
Read my article here on TCI:
How to legally Condo your 2-4 Unit bldg. without all the legal Hassles or Expense!
Put your 4 Unit into a Simple Land Trust then sell 25% Beneficial interest inside of the LT to each unit occupant.
They will equally split (4x4) the costs of mortgage, taxes, insurance, maintenance and any needed repairs.
This could go for 20 Years Max or until all 4 agree to sell to 1 or re-finance it under any one of their own credit.
The GREAT thing about 'Condominiumizing' with a Land Trust is that:
-No Buyer has to Qualify for a New Bank Loan,
-No credit Check, and
-No Title Transfer nor Taxes
until the Property is sold off!
I Hope this Helps!
DERRICK
[addsig]
Thanks a Mil' Derrick. I hope to start this process ASAP. I will look for the article as soon as I send this. Thanks again