Definition of "Condo conversion"
Jason Mero, Associate Broker, Real Estate Agent
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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