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Is it difficult to change a condo association to a townhome association?

  • February 14 2012 - Hudson
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Answers (5)

Profile picture for user24689432
I cannot get a loan to buy the other condo in my building. So I wanted to change the building into a multi family house with the cooperation of the other condo owner. and hopefully this way be able to buy the condo. is that impossible? our building is part of a 6 condo complex a friend of mine started . the condo owner of the condo next to mine wants to sell and I want to buy it. The loan is the problem. have tried everywhere to get a mortgage for it with no luck.
  • July 29 2013
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The short of it is that it is extremely difficult to terminate a condominium. At the back of your condo declaration documents, you'll see the requirements; typically, it's a super majority of voting shares in addition to a super majority of mortgagees - lenders.

Also - condominiums provide legal descriptions to real property, and to convert a condominium into another form of real estate ownership would require a complete re-surveying of the properties and re-allocation of any common elements.

What are you trying to accomplish? Maybe there's another, easier way. Well, there probably isn't a more difficult way!
  • February 16 2012
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Profile picture for SoCal Engr
@ Vince...

Down in Chula Juana, they were selling a development as a "condo", but they were single-family detached homes mixed in with the "more familiar" townhomes. Turned out that you were buying the house, but not any of the land. Walls and air - even for the detached houses.
  • February 16 2012
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I am in Wisconsin and not sure of the distinction or what is trying to be accomplished by the name change.  As lenders we will still view it as having an association.
  • February 16 2012
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In California, a townhome is a STYLE of condo. A condo is a FORM of ownership. A townhome has no one below you or above you. With a condo, you own a percentage of the entire project.

Not sure about Wisconsin, but we dont even have townhome association unless the condo project is all townhomes and the association chooses to name themselves a townhome assocation.
  • February 14 2012
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