What does Condominium Conversion mean?

This refers to the process of converting a multi-unit building, such as an apartment complex, into individual condominium units that can be owned and occupied by separate owners. This often involves the creation of a homeowners association to manage the common areas and amenities.

Related Terms

PITI (Principal, Interest, Taxes, Insurance) Property Line Title Escrow Account Contiguous Lots Building Code Extension Option Multi Listing Services Live-In Partnership Insurance Binder Appreciation Title Search First Mortgage Counteroffer Federal Housing Administration ( FHA) Building and Loan Association Leasehold Estate Contemporary Style