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  • ON-DEMAND

Termination or Deconversion of Condominiums: Developer and Unit Owner Risks, Board Liability Issues and Legal Process (On-Demand)

General Credits:
Original Date Of Course:

$129.00

Course Description

This course explains the reasons for termination or deconversion of condominiums and cooperatives. We explore the difficulties encountered in obtaining necessary owner and mortgagee approvals and how to minimize those difficulties. We highlight the potential liability of developers, acquirers and board members in entering into terminations and deconversions. We discuss the typical state laws governing terminations and the major outlier jurisdictions.

Syllabus

  1. A National Trend
  2. Why do unit owners want to terminate?
  3. Why do developers want to purchase a terminated condominium?
  4. Where are most of the terminations occurring?
  5. What is required to terminate (or deconvert) a condominium?
  6. When do you terminate a condominium?
  7. How do you terminate a condominium?
  8. Risks to the Board of Directors
  9. Special Considerations
  10. Tax Consequences of Distributions to Unit Owners
  11. Best Practices and Other Considerations
  12. Outlier Jurisdictions: Florida, Illinois & New York

Credit Details

Course Type

Course Instructor

Robert M. Diamond, Esq.
Original Date Of Course

General Credits

1
Robert M. Diamond, Esq.
Robert M. Diamond, Esq.
Robert M. Diamond, Esq. concentrates on real property law with a focus on condominium and planned community development, preparing governing documents and providing risk management counsel to developers, builders, lenders, and community associations. He has been instrumental in drafting and revising condominium legislation since 1975, including serving as one of four drafters of the Uniform Condominium Act and advising multiple state legislatures and the Uniform Laws Commission on community association law reform.
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