Changing a co-op to a condo by dissolution of corp, purchased by unit owners

[tammy bush]

undefinedWhat is the name of your state? Florida.

Our association has been considering changing from a co-op to a condo. Is there a way for the unit owners to purchase the corporation, disolve it, then re-establish as a Condo Association? If it is possible, is this a costly change for us?

[HomeGuru]

Originally Posted by tammy bush

undefinedWhat is the name of your state? Florida.

Our association has been considering changing from a co-op to a condo. Is there a way for the unit owners to purchase the corporation, disolve it, then re-establish as a Condo Association? If it is possible, is this a costly change for us?

**A: the "unit" owners should already be owners of the corporation as shareholders of the cooperative. What are the reasons for wanting to change ie. tax benefits, better HOA control, new laws, adoption of CC&R's**************..?

[tammy bush]

As the real estate market continues to grow in our area, the urgency for condos is on the rise Our units are very marketable with the exception of being a co-op. The mortage market doesn't view it as real estate because it's dealt in shares instead of a deed. Our corporation does own our land--it is not on a lease of any sort. Hope this helps.

[HomeGuru]

Originally Posted by tammy bush

As the real estate market continues to grow in our area, the urgency for condos is on the rise Our units are very marketable with the exception of being a co-op. The mortage market doesn't view it as real estate because it's dealt in shares instead of a deed. Our corporation does own our land--it is not on a lease of any sort. Hope this helps.

**A: your question is an excellent question of which I do not know then answer to.
Contact a local real estate condo association attorney to get the info and the general cost of doing a project on a CPR.

[tammy bush]

thank you for trying

[HomeGuru]

Originally Posted by tammy bush

thank you for trying

**A: you are welcome and good luck.