Turning a Townhouse Into a Co-Op
We are currently renting the ground floor of a townhouse. Our landlord has recently decided to sell the building. We cannot afford the entire building but we are wondering what it would take to buy two of the units and for the other renters in the building to buy their own apt. My understanding is…
We are currently renting the ground floor of a townhouse. Our landlord has recently decided to sell the building. We cannot afford the entire building but we are wondering what it would take to buy two of the units and for the other renters in the building to buy their own apt. My understanding is that this would mean turning the building legally into a co-op. Is that correct? And if it’s possible, how do we do it?
You and your fellow tenants are going to need to consult an attorney experienced in this sort of transaction. You can’t DIY a coop conversion. You will likely need to form a company to buy the property from the current landlord, then do the conversion. Talk to your landlord, s/he might be interested in undertaking the conversion process with you, that might be simpler.
http://bit.ly/fhmfKN
(it is a PDF file)