Residential Real Estate Hot Topics

Condo Conversion & Obtaining a Condo Conversion Loan

Interested in a Condo Conversion? It happens quite often: an apartment complex decides it is going to turn into a condominium complex. Those living in this complex have one of two choices; move out or purchase the home they are living in. This is called a condo conversion. For those that choose to go ahead and purchase it become involved in a real estate transaction. As with any other real estate transaction, a residential real estate lawyer is a wise choice, especially when obtaining a condo conversion loan as well.

Interested in purchasing a condo conversion or obtaining a condo conversion loan? Contact a Residential Real Estate Attorney today.

Residential real estate lawyers offer the following advantages for those wishing to purchase an apartment-turned-condo:

• Assistance during the closing process
• Mortgage contract assistance
• Condo purchasing contract assistance
• The legal aspects of obtaining a condo conversion loan
• Ensuring that terms are understood

Purchasing the apartment that one is living in can be a great idea!  Not only does this  individual have the worry about moving out, but they can stay secure in a place they know they love and can actually begin building equity, as well as being able to remodel their home. Even if the person didn't live there before, purchasing a condo conversion is usually more affordable than purchasing a brand new condominium, especially with a condo conversion loan. However, things will be different, and these things need to be aware to the purchaser beforehand so that no surprises come up.

Did you know that aside from the condo conversion loan, taxes, and insurance, other fees may need to be paid as well? For example, some complexes that are converting to condominiums charge something called a "builder's fee", which is an upfront fee which can be a few hundred or a few thousand dollars. There are also monthly maintenance fees, which can run hundreds of dollars each month. This can greatly affect someone's decision when it comes to purchasing a condo conversion. Be educated in the decision! Don't let any last minute surprises - especially with a condo conversion loan - or fees ruin what is supposed to be an exciting time.

Interested in purchasing a condo conversion or obtaining a condo conversion loan? Contact a Residential Real Estate Attorney in your area today.