The changing of a rental property (two or more units) to the condominium form of ownership. Physical changes, as well as paperwork, may be necessary to conform to building and safety codes.
Commonly, the conversion of a rental property such as an apartment complex into a CONDOMINIUM-style complex where each unit is owned rather than leased.
The conversion of an apartment building into a condominium.
The change in title from a single owner of an entire project or building to multiple owners of individual units.
When an existing building such as a rental project changes to the condominium form of ownership.
Changing the ownership of an existing rental complex building to the condominium form of ownership.
Change in title from single ownership of the entire building to multiple owners of multiple units, i.e. a rental apartment house to individual condominium ownership. The tenant is usually given the right to purchase his/her unit at a favorable price, prior to open market sales.
The process of converting rental apartments, which are leased by the occupants, into condominium units, which are owned by the occupants.