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Answers (4)
- Mack McCoy
- Contributions:1122
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!
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!
- SoCal_Engr
- Contributions:5684
@ 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.
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.
- Mark Nehs, Wisconsin, "WI Mortgage Lender"
- Contributions:250
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.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4707
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.
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.
Is it difficult to change a condo association to a townhome association?
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