common areas and the property footprint.
It is also possible for your county to say "NO". Also depending on the area, converting the property may not always result in an equitable gain.
Also once the county says you are a condo, or split the property in any manner, they will issue new legal and tax id numbers for each unit. Until he conveys the units he will be responsible for that liability as it accrues. He may have some future liability as well depending on the Air Max In The 90's county require reps and warrants from the "developer" to the association. With the developer being your buddy.
need to deal with areas that are common or shared and the creation of bi laws. You also have to get county and possibly city approval. It is not a guarantee just because he wants to do it.
You will also want to check with an insurance provider to ensure they will insure the property as a condo or if there are carve outs to their coverage.
with only 3 units, you might want to check with a local lender, in the future it might be difficult for the buyers to procure financing to take out the seller held note. Typically lenders want to see some pretty specific things inside condos such as the number of cash buyers. This helps them feel better about a fair market value. Since he is doing seller financing they may not look favorable upon the proposed value when those notes mature.
The last concern would really be the first part of your post. How has he sold something that does not yet exist?? Calling an apartment a condo does not make it a legal condo. An apartment doe snot have a legal description so not sure how a unit was legally conveyed. Be very careful if you are the agent, you might find yourself in trouble on that.
Seek a lawyer to draw up the documents. You Air Max 90 For Boys
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Creating condo association question
The attorney will help you create the budget as it will have to get approved. The budget is derived from the common area maintenance and other cost items the association will be paying for such as insurance and its cost to operate.
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It sounds like the property was a triplex that he is trying to convert. He might be able to do so without a condominium designation depending on the Nike Air Max Bw Ultra Men's Shoe
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