Converting A Property Into Condos
When considering whether to convert a single-family property to condominiums, you should weigh the pros and cons. While the cost of a condo conversion is substantial, the potential benefit of owning or selling multiple units on the open market may greatly outweigh that expense.
If you are considering converting a property into condos, the attorneys at MT Law LLC can help. We are knowledgeable in several intersecting areas of law including business, real estate and taxation. Our main office is in Lexington, Massachusetts, and we have additional locations in New York, California and China.
Items And Fees To Consider
Even if you have been using your property as an income-producing rental property, you may be surprised at the potential financial advantage to selling two or more distinct condo units, rather than a single-family home.
When you are converting a property, below is a list of fees which you can expect to pay for the process:
- Legal fees: $2,500 or more, depending on how many units will be created; this fee includes the creation of the condominium documents, including the Master Deed of the Condominium, the Declaration of Trust and By-laws of the Condominium, and the proposed Condo Budget
- Architect/surveyor: $1,500-plus to create floor plans and site plans which will be recorded at the appropriate Registry of Deeds
- Recording fees: approximately $400
You will want to speak to your attorney about the costs which may be specific to your property. Fees can vary depending on several factors including:
- How many units exist
- Whether the title is registered
- The city or town where the property is located
After determining the total cost to you of converting to condominiums, you should speak to a real estate agent regarding the potential sales points for each option. Only then can you make a fully informed decision as to your best course moving forward.
Let’s Determine Pros And Cons Of Condo Conversion Today
If you are considering converting a property, contact our Massachusetts based office today. Call our dedicated team at 800-345-1899 or fill out our online submission form to schedule an appointment. Our attorneys are ready and eager to help you weigh your options and start this new opportunity.