Condominium Act Form 4 In San Diego
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FAQ
The term 'conversion' can relate to a change of use or a change in function from a building's existing usage – whatever that may be – to a new use. For example, a church may be converted into apartments, a garage may be converted into an office, a lighthouse may be converted into a home and so on.
To request a copy of a Certificate of Occupancy for an existing building, email the Development Services Department Records Division at DSDRCD@sandiego.
The inium Conversion program is available for buildings of six residential units or less. For all buildings, owners must have occupied 50 percent or more of the units for three years continuously prior to entering the annual lottery for condo conversion.
What are the general steps for condo conversions? Tenant Notice or Vacancy Exemption. The property owner is generally required to notify tenants of their intent to convert the building into condos. Application process. Recordation of applicable paperwork. Post-conversion refinance and sales transactions.
Reduced realty taxes result in increased net operating income and which in turn provides an increase in market value for inium titled properties. Converting to inium further increases borrowing strength and may result in better interest rates.
