condominium conversion

English - English

Definition of condominium conversion in English English dictionary: Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership (Source: FNMA Selling Guide, Glossary); 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; Changing the ownership of an existing building (usually a rental property) to the condominium form of ownership; Changing the title on a property so that instead of being owned by a single person, each unit in the building is individually owned; Conversion of existing housing to condominium ownership is regulated by Alameda Municipal Code No conversion of rental housing is allowed when the ratio of owner-occupied units exceeds 60 percent of the total units available Existing tenants not in arrears must be given a 60-day non-transferable right of first refusal for the purchase of his/her rental unit Developers subdividing properties for the purpose of creating condominiums must prepare a relocation assistance program to be approved by the planning board; Changing the ownership of an existing rental complex or building to the condominium form of ownership; Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership; The change in title from a single owner of an entire project or building to multiple owners of individual units