Developer Converts Multi-family Building Into a Condominium
Our real estate developer client sought to convert a newly constructed two-unit residential building into a condominium in a highly desirable section of North Philadelphia. Under the law, a property owner who converts a newly constructed multi-family building into a condominium must first provide prospective purchasers of the units a public offering statement.
The public offering statement consists of a written summary about the construction and specifications of the condominium building and the units, as well as the form of condominium ownership in general. It also included the governing condominium documents—condominium declaration, bylaws of the condominium association, and rules and regulations for the unit owners—and the condominium’s association’s proposed budget for the first year in operation. We also duly formed the condominium association with the Pennsylvania Department of State.
Before closing on the sale of the condominium units took place, we recorded the condominium declaration with the Recorder of Deed’s office where the condominium building was located. That recording legally created the condominium form of ownership, which allowed for the condominium units to be separately sold to third parties
We then delivered a copy of the recorded condominium declaration to the City of Philadelphia’s Office of Property Assessment (OPA) to obtain tax identification numbers for each of the units.
Prior to closing, we also ensured our real estate developer client properly filed and obtained the real estate tax abatement for these condominium units. Under the law, a real estate tax abatement application must be separately filed and obtained for each of the condominium units.
In the end, all of the condominium units were sold.
Alan and Natalie are my legal team. They have been with me and V2 Properties through thick and thin. I wouldn't have it any other way. This is my A-team.
- Vince Viney, V2 Properties
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