Protecting and Perfecting Condominium Entitlements in a Down Economy

As a result of the real estate bubble, many multifamily units have changed hands and some were "condominiumized." But is a unit a condominium? In California, you must check the Final map and white report If there's a defect to either element, you are not buying condos, you are buying apartments, which may not matter to you, but it could affect what you're willing to pay. If you're buying condos and planning to lease them, you cannot call the units "apartments." You have to comply with the noticing and other provisions of the See more +
As a result of the real estate bubble, many multifamily units have changed hands and some were "condominiumized." But is a unit a condominium? In California, you must check the Final map and white report If there's a defect to either element, you are not buying condos, you are buying apartments, which may not matter to you, but it could affect what you're willing to pay. If you're buying condos and planning to lease them, you cannot call the units "apartments." You have to comply with the noticing and other provisions of the Subdivision Map Act and any additional local requirements or face civil and even criminal penalties. See less -

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Published In: Construction Updates, Environmental Updates, Commercial Real Estate Updates, Zoning, Planning & Land Use Updates

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