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

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tammy bush

Junior Member
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

Senior Member
tammy bush said:
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.........?
 
Last edited:

tammy bush

Junior Member
Changing to condo--reasons

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

Senior Member
tammy bush said:
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.
 

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