Q: Purchasing a fractured condominium. Am buying out all unit owners to have complete control. How do I dissolve assoc.
I'm purchasing what was a fractured condominium. Majority owner owned 11 of 12 units, minority owner owned 1. Both have agreed to sell and closing will happen on the same day. Since I will own all units, I want to dissolve the condo association and run as an apartment building. To someone with limited knowledge of the law, the dissolution of the condominium seems to me to be a simple matter, but the quotes I'm getting are $5,000 to $6,500. Also, I'm wondering if it's better to have the current owner work to dissolve the condo before I take ownership or when I take ownership, or if I should wait and do it after I take ownership.
A:
The estimates are in line with my experience.of doing this. What seems simple is also time consuming and requires proper documentation.
An experienced real estate attorney should advise you and undertake to do this right. Any wrong move could cost you far more in real dollars and aggravation.
The good news is that you will own all the units - so some of the risks and disclosures involved in the termination of the condominium will be "relaxed" for your transaction. Proper termination is necessary to have clear and marketable title to the property so you can insure its title and sell the apartment building in the future.
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