Definition
The conversion of rental apartments into individually owned condos, creating a new ownership and governance structure. It's a major change from renting to a landlord-owned building to an owner-governed community.
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Condo conversions involve creating a master deed, declaration, and bylaws to convert a property to condominium regime. Conversions require notice to tenants who typically receive buyout offers or extended lease protections. Conversion regulations vary by state. Conversions create new ownership and governance structures.
Pro Tip
Avoid recently converted condos if possible. The first few years after conversion often involve disputes and underfunded reserves.
Example
A 50-unit apartment building is converted to condominium with individual ownership and association governance