WHAT IS A CONDOMINIUM?
Louisiana law defines a condominium as the property regime under which portions of immovable property are subject to individual ownership and the remainder thereof is owned in indivision by such unit owners. A condominium regime is established by the execution of a condominium declaration by the owner of the immovable property which is then filed for registry in the conveyance records in the parish in which the immovable property is located.
WHY SHOULD I CONVERT MY PROPERTY TO A CONDOMINIUM?
Many real estate professionals agree that a condominium conversion generally increases a property’s value. It can also increase the potential pool of buyers who might not otherwise be able to afford property in the condominium’s neighborhood.
IS MY PROPERTY ELIGIBLE FOR A CONDOMINIUM CONVERSION?
A zoning, subdivision, building code, or other land use law, ordinance, or regulation may not prohibit the condominium form of ownership or impose any requirement upon condominium property which it would not impose upon a physically identical development under a different form of ownership.
WHAT DOCUMENTS ARE PREPARED IN A CONDOMINIUM CONVERSION?
- Public Offering Statement
- Description of Land
- Survey, Plat Drawings and Drawings of Units
- Articles of Incorporation of Condominium Association
- Projected Budget
- Allocation of Common Element Percentage
- Rules and Regulations
WHAT ARE THE FEES/COSTS INVOLVED IN A CONDOMINIUM CONVERSION?
- Legal fees are generally $3,500 to $5,000 but can increase based on the number of Units
- Surveys do not have a set rate, but tend to cost $1,000 for the perimeter survey and $400 per Unit. This can change based on the specific project.
- Recordation of the condominium documents, including Articles of Incorporation, costs