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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Afflicted with a health issue, you want to move to an apartment closer to your daughter, which is fitting, given that a unit in her condo building is for sale. However, this unit is rented. During a visit to the premises, the tenant informs you that he has no intention of leaving, claiming a right to stay there for life. At least, for as long as he wants to. On the other hand, the seller tells you that the tenant will have to leave the unit upon receiving a notice of repossession. Intrigued by the tenant's statement, you take time to interview several people to verify this "lease for a lifetime" matter. The answers provided reassure you: if it is sent six months before the planned repossession date, the notice of repossession should allow you to take back the apartment.
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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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