what is the process of turning a duplex into 2 condos to potentially sell off one of them? Any idea of cost involved?

Asked by egillespie, Ocean City, NJ Tue Oct 23, 2012

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Peter Adams, Agent, Ocean City, NJ
Wed Oct 24, 2012
While Most of the responses here are 100% accurate, there are other factors that you should consider that were not mentioned yet and are very important. The cost on average is $2000-$3000 but could chance based on the amount of survey work legal work, etc. I have been through this myself and you will absolutely need legal help and guidance. If you wish, you can give me a call and I can discuss with a few things that you should be very aware of before you move forward and start outlaying dollars..
You can always reach me on my direct line at 609-432-3634.

Peter Adams
RE/MAX at the Shore
toll free: 1-800-237-3877
email: pete@peteadamsoc.com
0 votes
What sort of survey work needs to be done.? Is there any problems with water shutoffs from the street when converting a side by side duplex into 2 separate twin home style homes? What else should an owner be aware of? thanks!!
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Edward May, Agent, Ocean city, NJ
Wed Oct 24, 2012
It is a simple procedure, new survey and attorney drawn up documents and recording give me a call and we can get it done so you can sell one or both floors at anytime.

Edward May
REMAX At The Shore
609-425-3187
edmay@beach2bay.com
0 votes
Nick Marotta, Agent, Marmora, NJ
Wed Oct 24, 2012
You need to contact an attorney to do this and also a NEW survey has to be done......Total cost should be around $2200-2500
0 votes
Nick Marotta, Agent, Marmora, NJ
Wed Oct 24, 2012
You need to contact an Attorney to do this........A new survey has to be done also.....total cost should be around $2200-2500........
0 votes
Joanne Berna…, Agent, Northfield, NJ
Wed Oct 24, 2012
This is definitely not a do it yourself Project. A survey is done to define the private and common areas, set designated parking spaces and storage areas for each owner. A master deed and by-laws must be drawn up and filed with the County of Cape May. These are legal documents prepared by an experienced real estate lawyer. They will clearly define the individual areas of property ownership, and the "common areas" of ownership . This is critical as the common areas are the shared responsibilty of the owners to maintain and insure. A budget and division of common recurring costs such as flood and hazard insurance and and the establishment of a maintenance fund to which each owner contributes to provide funds to cover the costs of repair or replacement of common area expenses. An example of this would be the replacement of the roof. In Ocean City, it seems that most condo owners have a loose version of this and split the insurance bills as they occur. Smart buyers will insist on a more formal arrangement. In the long run it can save a lot of headaches if the other property owner turns out to be uncooperative or lax in his payments.
0 votes
Ellen McGoni…, Agent, Ocean City, NJ
Wed Oct 24, 2012
You need to get condominium documents drawn up and recorded at the county level. I would suggest a local attorney who is familiar with Ocean City prepare this for you. Feel free to contact me on my cell phone if you have any questions about this. I would also be happy to look at your property and give you an idea of where your current market value is for each unit.
Good luck!
Sincerely,
Ellen McGonigle
(609)602-7507 cell
0 votes
Andrew Tisel…, Agent, Clifton, NJ
Wed Oct 24, 2012
yep This is done often in Elmwood Park.
If you need an attorney let me know I can recommend one that has experience in doing this.
0 votes
Michael Rayno, Agent, Cape May, NJ
Wed Oct 24, 2012
You need an attorney to draw up the condo documents. Fee is approximtley $2000.00
Mike Rayno
prudential fox & roach
800 815 1790
0 votes
Robert Bond, Agent, Ocean City, NJ
Tue Oct 23, 2012
It usually involves having an attorney draw up the legal papers along with condo docs and having a survey done to show the location fo the common elements. You would need to contact an attorney for the exact cost. There are a few local attorneys that can handle this feel free to give me a call if you would like me to recommend any

Rob Bond

RE/MAX OF OCEAN CITY
Office 609-398-7100
Cell 609-289-2916
email robertbond@verizon.net
0 votes
Edward ( Aug…, Agent, Wildwood, NJ
Tue Oct 23, 2012
Are the utilities seperate? If not the would need to be. At least the electric and gas. The sewer and water can be a common expense to the 2 units.

To break the 2 units down to 2 condos you would need to get an attorney to get you a set of condo docs drawn up, figure a budget for the building and divide the expenses based on the square footage of each unit. You will need to get a surveyor to identify what % each unit is of the building. He will identify common and limited common elements to the building . These items will be inserted into the condo docs.

If you need a local attorney, let me know.

Edward ( Augie ) Augsberger
WEICHERT COASTAL
CAPE MAY COUNTY
609-338-1189
609-523-1112
0 votes
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