Helping real estate owners with the condo conversion process
Converting your leased property into condominiums is never a simple task. The process in Washington State involves many specific steps and requirements that property owners must follow and meet in order for the conversion to be successful and in accordance with the law. If you are considering the conversion of your property into condos, you should always have the assistance of a real estate lawyer who is familiar with the process and all applicable laws.
At the Dickson Frohlich, our lawyers understand how to assist with condo conversions to ensure your conversion is completed in the most efficient and compliant manner possible.
CALL OUR OFFICE IN SEATTLE OR TACOMA AT (253) 572-1000 OR (206) 621-1110 TO DISCUSS HOW WE CAN HELP YOU.
The condo conversion process
During a condo conversion, the sole owner of a rental property reorganizes the way the property is owned and managed. Instead of having one party who owns and manages the entire multi-unit property and leases units to others, the units are each sold to individual buyers who then share in the management and ownership responsibilities of the common areas. This process, however, is more complicated than one may imagine, must follow Washington condominium laws1, and generally requires the following:
- Housing code inspection and completion of all necessary repairs
- Issuance of a Notice of Condominium Conversion and public offering statement
- Offer units for sale and providing purchasers with specific documents set out by the Washington Condominium Act.
- File a declaration to convert into condos with the correct local government/records agency.
- Properly notify tenants that their building will be converted into condos.
- Allow any tenants with lease agreements to finish out their lease term.
- Determine which tenants will receive relocation assistance.
- Submit all necessary documents to the proper Planning Department2
- Obtain all other necessary permits and inspections.
If you do not follow all necessary procedures, you may face serious penalties for noncompliance, so it is always wise to have the guidance of an experienced attorney to ensure you comply with the law during this process.
Contact an experienced condo conversion attorney for assistance today
The experienced real estate attorneys at the Dickson Frohlich know how to help property owners through every step of the condo conversion process.
CONTACT ONE OF OUR OFFICES TODAY FOR A FREE PHONE CONSULTATION AT (253) 572-1000 OR (206) 621-1110.