Condo Conversion

Definition of "Condo conversion"

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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Building Setback

Municipal ordinance stating the distance from a curb or property line where the building of a struct ...

Dental Insurance

Coverage for dental services under a group or individual policy. ...

Risk Financing

Utilization of source (s) of funds to pay for losses. Source (s) of funds can be classified as: inte ...

Lien Release

A written document terminating the terms of a lien through payment of all financial obligations. A l ...

Buy-out Estimate

Estimated price at which a partner in a partnership can buy out another partner. There are several m ...

Delivery

Transfer of property from a seller to a buyer. ...

Related Real Estate FAQ

Do I Need Flood Insurance?

Over 90% of all presidential-declared disasters in the United States are flood related. Leveling for ...

What Is Escrow?

Escrow is a trust account created by a neutral third party to hold money for the seller or buyer. Wh ...

What Is A Contingency?

A contingency is a provision included in a sales contract stating that certain events must occur or ...

What Is An Overall Debt Ratio?

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

What If They No Longer Make My Specific Computer?

The insurance company will replace it with a model as close to it as possible in the current retail ...

What Is Homeowners Insurance?

Homeowners insurance is an insurance policy that combines personal liability insurance and hazard in ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

What is the Best Time of Year to Buy a Home? 7 Things to Consider Before Moving to a New City How To Choose A Realtor Is it better to buy or sell a home first 5 signs of house foundation problems

FAQ

What is a term? What is a basic policy? What is a home warranty? What is a buyer’s agent? What is a Ginnie Mae?