Definition of "Condo conversion"

Jason Mero, Associate Broker real estate agent

Written by

Jason Mero, Associate Brokerelite badge icon

Weichert, Realtors - Woodbridge

Conversion of a rental apartment house to individual condominium ownership of a portion of the minimum ownership of a portion of the building. Often, the tenant is given an opportunity to buy into the condo conversion at a favorable price prior to it being offered on the open market. If the tenant refuses to buy into the condo conversion after a certain period, he or she must vacate the premises.

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