{"id":369384,"date":"2016-04-04T10:47:24","date_gmt":"2016-04-04T15:47:24","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/owning-a-home\/conversions-to-condos-and-co-ops.html"},"modified":"2023-12-01T09:42:30","modified_gmt":"2023-12-01T14:42:30","slug":"conversions-to-condos-and-co-ops","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/owning-a-home\/conversions-to-condos-and-co-ops.html","title":{"rendered":"Conversions to Condos and Co-Ops"},"content":{"rendered":"\n
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Conversions to Condos and Co-Ops<\/h1>\n
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\n By Robert Rafii, Esq.<\/a> | Legally reviewed by Aisha Success, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

It’s common for rental buildings to get converted to condominiums or co-ops<\/a>. Many older buildings that are condominium or co-op developments started as rentals. These condo conversions tend to follow market trends. For instance, long periods of low interest rates<\/a> encourage people to buy homes instead of rent. Also, as neighborhood dynamics change and single-family homes become scarce, new condos coming onto the market can sell at a tidy profit. But, conversions from rentals to condominium units or co-op apartments<\/a> require several vital steps.<\/p>\r\n

Converting to a Condo or Co-op: Basics<\/h2>\r\n

The first sign that a building’s owner is considering a multifamily conversion is a series of improvements to the building<\/a>, such as:<\/p>\r\n