Home Buying in 05401>Question Details

Sarah Zareva, Home Buyer in Richmond, VT

can i dissolve a 2 unit condo assn and buy the upstairs? we own the 1st flr

Asked by Sarah Zareva, Richmond, VT Wed Mar 7, 2012

not legally allowed to own 100% of a condo association, but we want to buy the upstairs and use it as a rental property. there is a current tenant, and the property has never been lived in by an owner.

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Charlotte Gardner’s answer
This is a great question and one which should be answered by your attorney. If the association prohibits 100% ownership, then either an amendment to that requirement or a dissolution seems in order. In that case, you would be creating a duplex under single ownership. That can be a desireable property to market under the right circumstances. It is a good time to sell and buy; please call us if we can assist you with your marketing efforts.
2 votes Thank Flag Link Mon Mar 19, 2012
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