Condominium Conversion

A condominium conversion is a change in ownership of a multiple dwelling property from one title owner to multiple title owners. Generally, this happens when the sole owner of a rental property sells his or her individual units to multiple buyers, converting the entire property from a rental property to an individually owned property. Each state has different condominium conversion laws to protect renters from immediate eviction during a condominium conversion. For example, some states might require that the renters be given a certain amount of time to find another place to live. In other states, the laws may deem that the renters must be allowed to remain in their apartments until the end of the initial, predetermined lease. In other states, the law might require that the previous or new owner offer relocation assistance to the renter or renters currently occupying the property.