What Is A Condominium Conversion?
Condominium Conversion is the process whereby a singular residential or commercial property is transformed and entitled into multiple, individual condo units. The buyers of these condo units are said to be Unit Owners and are governed by a Condominium Regime or Association.
Why Do A Condominium Conversion?
Condominium Conversions allows for real estate developers to increase the density of a property in order to provide new housing accommodation options within their respective urban communities. This presents investors with a potential for a profitable investment, while creating new home ownership opportunities for families and first time home-buyers.
How To Do A Condominium Conversion?
Condominium Conversions are entitled through an approval process regulated by the local municipal government / authority. In Washington DC, the condo conversion process is governed by The Rental Conversion and Sale Division (CASD) within Department of Housing and Community Development (DHCD) and as constituted by The Rental Housing Conversion and Sale Act of 1980, as amended (D.C. Law 3-86) (the Conversion Act) and The Condominium Act of 1976 Technical and Clarifying Amendment Act, as amended (D.C. Law 9-82) (the Condominium Act).
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