Frequently Asked Questions Regarding The Conversion of Cooperatives And Community Apartments into Condominium's.

What are the advantages of converting our project into condominiums?

1. A conversion will vastly increase the availability of financing for

your property

2. As a result of the conversion the property value of all the units within the property will be vastly increased.

3. A conversion will create a larger market of prospective buyers for your unit if you decide to sell it.

Will physical changes to our property be required by the city during the conversion process?

No. There are no local government ordinances that require any

physical alterations to a unit undergoing a conversion.

Will our property tax increase as a result of the conversion?

No. Because a conversion is considered only a change in the form of ownership and not an actual transfer, your property tax will not increase.

How many owners must agree to the conversion, for it to occur?

As Mr. Murakami testified during his appearance before the California State Senate Committee on Housing: "If the bylaws or other such organizational documents do not expressly specify the number of votes required to approve such a conversion a majority vote of the owners in the cooperative or project shall be required".

Will there be added legal requirements for the operation of our association?

No. The legal requirements for the operation of the Association applies equally to Community Apartments, Cooperatives, and Condominiums.