For a cooperative, a conversion simply means that the shares of stock that you own are replaced by a deed for your home. Instead of leasing your home from the tenant corporation, you will own your home. Through the conversion process, the cooperative’s underlying mortgage is paid in full. As a result, the monthly maintenance fee is reduced. Instead of paying higher maintenance fees to the cooperative association, a lower maintenance fee is charged that covers only the condominium expenses. Homeowners use the savings to pay down their own mortgage and to pay real estate taxes.

The shareholders vote to convert after the Board decides that the question should be put to the community. Condo Conversions LLC provides educational sessions to groups and individuals as required to obtain the vote of the shareholders. Once the shareholders vote to convert, Condo Conversions LLC obtains approval from the appropriate state and local governmental agencies. After governmental approval is obtained, we form the new condominium. The process is completed as we schedule and conduct the individual closings to convert the cooperative units to condominiums and pay the Association’s underlying mortgage.