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How to change a Condo Association to a Home-Owners' Association?

We're about to purchase a newly constructed house that adjoins another house on a lot of land. I understand that the developer couldn't afford to wait the six months that it would take to get a permit to create two single family homes on this lot, so he created a condo association instead, and built the homes against each other.

The result is that the condo docs now state that all but the internals of the homes are common property, with specific areas assigned exclusive usage to each of the two units.

If the two owners are in agreement, would it technically be possible to dissolve the condo association and turn it into a home-owners' association? The idea would be to deed exclusive-use areas directly to the units, instead of keeping them common.

Thanks!
Mon Jun 23 2008, 16:01 - Somerville - Home Buying - 5 answers
 
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Dm
Buyer & Seller
in Cambridge
Dm, Buyer & Seller in Cambridge in Cambridge
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Melissa Manc… was FIRST TO ANSWER
I've verified with the lenders and they're open to it.

So we have to check with the city, if they can allow it.

Tue Jul 1 2008, 16:48
 
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Sorry But You Are About to Buy a "Condo".It Will Never be A Single Family Home.Be it From a Lender's Perspective ,a Buyer's Perspective or From the City/Town's Perspective.Why Do You Think they Call Them "Condo Doc's"?

Tue Jul 1 2008, 14:23
 
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Thanks for clarifying. Our attorney has said the biggest hurdle is the city and the lenders.

The reason we would consider attempting this is because we're buying a great property that, down the line, we'd like to be able to sell as a semi-detached single family home, instead of a condo.

Sun Jun 29 2008, 20:18
 
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Hi DM - a condominium is a legal entity and is established according to all kinds of rules that involve both the state and the town. Amending documents can sometimes also require that the mortgage holders approve the changes, since they are really the ones that own the units -- they need to make sure that the changes meet their mortgage underwriting requirements. It will require an attorney and can be a long and costly process. Why go through all that? With the number of condos and homes on the market it's a lot easier to find another place to buy where you have more control. Good luck! Marilyn

Tue Jun 24 2008, 06:17
Web Reference: http://www.marilynmessenger.com
 
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FIRST ANSWER
Hi DM,

a home owners association, is a condo association...it just means there is no proffessional management company involved. (the homeowners run and manage the property themselves.) You cant disolve the association, but if you and the other unit owner agree, you can revise the docs. It is always common property on the exterior, because of the towns requirements though, not because of the builders. The town has minimum square footage requirements to build, and it sounds like this space was not large enough for 2 seperate dwellings (on 2 seperate lots). Within the docs and the deed, you could "assign" usage or designate areas, but to be sure you should consult with an attorney.

~M

Mon Jun 23 2008, 16:30
Web Reference: http://MelissaBMancini.com
 
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