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Old 01-25-2010, 12:27 PM
 
1 posts, read 11,309 times
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My sister and I bought a duplex together. Now, we are facing problems that we didnt realize when we bought it. We want to seperate the duplex and make it into condos so we will be able to seperate the loan and also have the option to sell each unit if we want. How do we make our duplex a condo? We were told that the only difference between the duplex and condos are the addition of a firewall? And maybe some kind of zoning?
Thanks!

Peggy
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Old 01-25-2010, 03:57 PM
 
Location: Salem, OR
14,712 posts, read 35,591,413 times
Reputation: 14570
You need to talk to a local real estate attorney who can help you with the local ordinances.
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Old 01-25-2010, 04:15 PM
 
Location: Colorado Springs, CO
1,570 posts, read 5,563,304 times
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One duplex = 2 units? Frankly this doesn't sound worth the effort. To convert to condos, you will need to form a Homeowners Association. Articles of Inc., Bylaws and Rules & Regulations. Typically zoning and building codes are a non- issue as the codes at the time the structure was built prevail. (Of course, you'll need to check local requirements) There will be the cost of "set up" - plenty of legal fees and state filings. Then, as a corp. you will need to file annual reports with the state and the Association will need to purchase insurance - over an above the insurance you carry on your units. There is more to be said - but all for 2 units just doesn't seem to be worth the effort.

You could seek legal council to "divide" the property into two separate properties. Each having it's own schedule number with the county assessor's office - like 2 single family homes that happen to share a wall. A simple party wall agreement could govern issues that may arise from items such as roof, destruction, etc. Frankly, I'd start at your county assessor's office and ask them what they would require to part out the property. Then go to an attorney.
Best wishes.
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Old 01-26-2010, 12:35 AM
 
Location: USA
527 posts, read 1,616,477 times
Reputation: 312
It is easier, safer, and more fair to just sell the property and divide the equity within it and buy your own places. If one of you has no interest in the property, responsibility can be forfeited by "quit claiming" oneself off of the deed.
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Old 01-26-2010, 12:49 AM
 
Location: Martinsville, NJ
6,162 posts, read 11,855,353 times
Reputation: 3971
Quote:
Originally Posted by fireball444 View Post
My sister and I bought a duplex together. Now, we are facing problems that we didnt realize when we bought it. We want to seperate the duplex and make it into condos so we will be able to seperate the loan and also have the option to sell each unit if we want. How do we make our duplex a condo? We were told that the only difference between the duplex and condos are the addition of a firewall? And maybe some kind of zoning?
Thanks!

Peggy
Duplex is an architectural classification, while condo is an ownership type. It may be entirely possible to "divide" the duplex into two distinct legal entities without doing any physical work to the structure. Talk to a local real estate attorney about the process. You may even be able to choose whether you want to create a condominium or just tw seperate properties that happen to be joined together.
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