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.
Popular Real Estate Terms
Offer to buy real estate provided certain conditions are met. ...
Individual paying a rental fee to the lessor for the right to use real property. The two methods used to account for leases by the lessee are the capital lease and the operating lease. ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
Agreement to exchange real estate upon specific terms. ...
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A clause inserted in a mortgage agreement requiring a future buyer of the subject property to obtain the consent of the lending institution prior to assuming the mortgage. In this ...
A testator/testatrix who donates real property. ...
Map within a governmental jurisdiction showing the boundary lines and ownership of all real property. A cadastral program produces the cadastral map. ...
Latitude line selected as a reference in the rectangular survey system. ...
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