Home Selling in Saint Louis>Question Details

smfry10341, Home Seller in Saint Louis, MO

I own one unit in a 2 unit condo, both individuals are interested in selling, is it possible to put the building up for sale?

Asked by smfry10341, Saint Louis, MO Tue May 7, 2013

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13
Yes, it is.

You'll need an attorney - maybe even the one who drew up the docs creating the condo originally. What you'll have to do is terminate the condominium, then sell the building to a single buyer. Since you can't terminate the condominium until you have a buyer, an attorney can coordinate with the closing agent to fit the pieces in place properly.

All the best,
0 votes Thank Flag Link Thu May 16, 2013
I have to agree that two units equals two contracts. There are special cases with varying factors but they are rare.

TONJA NEAL
314-704-5424
0 votes Thank Flag Link Thu May 16, 2013
Because there are two condo units there are two deeds. There would have to be 2 separate sales transactions though the same buyer could buy both condo units. You could not advertise or offer the property for sale as a two family building because it's status has been legally changed/recorded as two condominiums. The tax structure is different for a two family building than it is for two condominiums.

I have owned and accomplished several condominium conversion projects of my own and I have helped many developers thru the process of conversion of their projects.

Call or email me if you have further questions. Cell 314 753 0977

I have sold hundreds of condominiums and I'm sure I could sell yours......both of them.

PATRICE EMORY
0 votes Thank Flag Link Fri May 10, 2013
Yes, it's possible, but we would need to review the condo indentures and rules that were established when the building was set up as condos to make sure it's done correctly. Please let me know if I can be of assistance
0 votes Thank Flag Link Tue May 7, 2013
It's all simply a matter of who owns the building itself. As individual unit owners, you have a shared interest in the building, but no specific ownership rights. If one of your owns the building itself or knows the owner, you can discuss the sale and there could be several options available. Please let me know if I can assist you in any way.
0 votes Thank Flag Link Tue May 7, 2013
I need more information to answer your question. Is the condo part of an condo association? Do you want to see the building or the units? Please give me a call so I can help you sort through this. You can sell your condo even if the other owner doesn't want to sell.
Debbie Dutton
Coldwell Banker Gundaker
314-398-4909
0 votes Thank Flag Link Tue May 7, 2013
Absolutely, and it is a great time to sell. The buyers are out, interest rates still low. Give me a call I'm happy to help you out. I can meet with both of you and explain the process. Thanks, Lisa 314-504-7903
0 votes Thank Flag Link Tue May 7, 2013
Do you own the building, too? That may be a consideration.
0 votes Thank Flag Link Tue May 7, 2013
So, no...If you don't own the entire building...it seems unlikely that you would be able to sell the entire building. Check with a title company to determine ownership of the building. I work with Investor's Title: 636-898-1374
And/Or type the address into this site and it should give ownership information: http://revenue.stlouisco.com/IAS/


....Talk with your co-condo owner about 'bundling' the sale of both together as an investment.
Flag Tue May 7, 2013
I guess I own half and the other owner owns the other half.
Flag Tue May 7, 2013
Yes , I have done it in the past. Where is your unit located. Please feel free to call me direct @ 314-630-4227
0 votes Thank Flag Link Tue May 7, 2013
I'd be glad to help you both list your condos. I can meet with you individually, or together to give you a market analysis. This is a great time to be on the market!

Call or email me!

Penny Davis
Red Key Realty Leaders St Louis
314.495.9089
Davis.Penny@gmail.com
0 votes Thank Flag Link Tue May 7, 2013
Unfortunately not, as the building is owned by the association. You an your neighbor just own what is between the walls so to speak. If you are interested in potentially listing your home, I would be able to provide you with a market analysis of what your condos could be worth in this market which may help in making a decision.
0 votes Thank Flag Link Tue May 7, 2013
There is no association really, just the other owner and myself. There was never an association set up. We split common bills like water and sewer. It is a very unique situation.
Flag Tue May 7, 2013
I believe you would have to list them for sale separately. However, on each one, you could make a note that the other one is for sale as well. Some investors would possibly be interested in both, as well as buyers who want a family member to live close.

Let me know if you need further assistance. I'd be happy to help.

Best regards,
Patsy Androlewicz
Prudential Alliance, Realtors
cell: 314-369-6622
direct: 636-970-3548
email: pandrolewicz@pruall.com
0 votes Thank Flag Link Tue May 7, 2013
The short answer is no, because you only own the inside of the building and the association retains ownership of the building itself. Talk to a local realtor about your unique situation and it would go a long way to contact the condo association.
0 votes Thank Flag Link Tue May 7, 2013
There is no condo association, just 2 owners of units in one building.
Flag Tue May 7, 2013
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