Definition : Conversion

The process by which the owner(s) seek(s) to transform an immovable, held in full ownership or in indivision (with or without lessees) into a divided co-ownership, so that each apartment becomes a distinct immovable (private portion) that can be resold separately from the other lots.

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An immovable whose dwellings are all occupied by undivided owners, can be converted into divided co-ownerships, subject to certain conditions. But carrying out this conversion requires to overcome several steps involving all owners concerned.
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The purchase of a condo leased to a third party is a frequent occurrence in the resale market. Save for an agreement to the contrary, nothing prohibits a co-owner lessor from selling and a purchaser of purchasing an apartment even though the tenant wishes to continue to reside in it. The lease is attached to the immovable, not to the co-owner/ lessor. The lease will continue to be in force even if the unit is sold and the terms and conditions of the lease shall remain the same.
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