How do you dismantle the condo structure

Taxes on new single tax lot likely to be much higher than you would expect.

daveinbedstuy

in Other 9 years and 4 months ago

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brooklyn703 | 9 years and 4 months ago

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I purchased a 3 unit building….that was actually three condos. So I own all the condos of the building and control the condo board etc. This type of structure makes it difficult to find favorable financing and for that reason I want to reconvert to a standard single owner building. How do I do that? Who do I contact? I’m a bit clueless on how to proceed. THanks

resident2 | 9 years and 4 months ago

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Any Real Estate Attorney that does condo conversions can “reconvert” a condo building. But if this is just for finding what you are hoping is more favorable financing; I would say think again. Talk to more investor mortgage Bankers & Brokers. All investor mortgages cost more than primary resident mortgages, if it will still be a three family investor property, it will still not be as easy as a three family owner occupant mortgage. In the reconvert process a big issue will be creating the new one tax lot as apposed to the current three. Do you have any Real Estate tax abatement’s? What will the new Real Estate tax assessment be on a “new three family” at today’s value? I am surprised that your Attorney did not go over this with you when you bought the three lots.

Arkady | 9 years and 4 months ago

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Adam Dahill -on this site- might be able to help.