Considering a condo conversion project of a multi or a mill building? How about a church?
Not sure of all the considerations you need to plan for? You know there are legal requirements and condo docs, but who do you go to? Do you know how to handle phasing? And what about partial releases if you have a mortgage? And most incredible of all, did you know you can lose your ownership in the project?
Selim Lahoud is a local developer and has been involved in many projects in the Worcester area. He will talk about his experiences and give some real world examples of challenges and obstacles he’s overcome. He will discuss the condo conversion process, and some overlooked details.
You will hear:
- How he determines market need when considering a project
- What to look for when purchasing a condo
- Condo docs: plans, bylaws, rules and regulation
- Condo associations: how they function, ownership percentages, and voting percentages
- Fees involved
- Owners percentages and financial obligations
- Expiration of phasing rights
- Take-back rights: Your percentage of ownership matters
- Owner role vs developer role
