How conversion works.
The study comes first. Then three phases take your community from a proposal to condominium deeds.
Hutton coordinates the work. Your community makes the decisions, and each owner sees what the plan means for their own home.
First, find out whether conversion makes sense.
Request your free feasibility studyThe study looks at your cooperative’s property, finances and governing documents. It identifies the work a conversion would require and gives the community a basis for deciding whether to go further.
- The building’s finances and underlying mortgage
- The potential condominium value of its units
- Required approvals and issues to resolve
- The proposed conversion arrangements and next steps
There is no cost or obligation for the study. An owner or a board member can begin the conversation.
The three conversion phases
Phase OneEducation and the shareholder vote
Understand the plan before you decide.
We explain what conversion would mean for the community and for each household. You receive an Individual Unit Analysis and have a one-on-one meeting to work through your own costs and choices.
What Hutton handles
Hutton prepares the conversion proposal, explains the financing arrangements and answers owners’ questions. The plan and its fee are disclosed before the vote.
What you and your community decide
Shareholders decide whether to approve the conversion. The voting requirement comes from your cooperative’s documents and applicable state law. Signing an engagement agreement does not replace that vote.
Phase TwoPrepare the condominium
Put the documents, approvals and financing in place.
After shareholder approval, Hutton coordinates the legal, financial and administrative work needed to create the condominium. That includes the governing documents, required state and local approvals, a reserve study and the proposed operating budget.
What Hutton handles
We coordinate the professionals and pursue a financeable condominium: Fannie Mae approval where the project qualifies, and other lender options where it does not.
What you and your community decide
Your board reviews the proposed documents and the choices available to the community. Owners work through their financing arrangements and may choose their own lender, subject to that lender’s requirements.
Phase ThreeClosing and deed delivery
Turn the approved plan into individual deeds.
The group closing brings together the title work, financing and documents. The plan addresses the cooperative’s underlying mortgage and each participating owner’s obligations so that deeds can be delivered.
What Hutton handles
Hutton coordinates closing with the owners, lenders and closing professionals. The conversion fee is paid at deed delivery under the agreement.
What you and your community decide
You review your closing figures and complete your arrangements.
A building-wide plan.
Your own figures.
The Individual Unit Analysis brings the proposal down to your home. Your one-on-one meeting is the time to understand the obligations and ask about your choices.
- Your share of the cooperative’s underlying debt
- Your existing share loan, if you have one
- The conversion fee and financing costs
- Your estimated housing costs after conversion
Explore the conversion
Questions about getting from here to a deed.
Can I start the conversation if I am not on the board?
Yes. An owner or a board member can request the initial study. We can help you understand what information is available and what will need the board’s help. A request does not authorize a conversion.
How long does a conversion take?
There is no single timetable that fits every cooperative. Required approvals, title and loan issues, the community’s decisions and owner financing can all affect the work. The feasibility study is the place to identify those dependencies for your building.
What happens to our board and management?
The condominium still needs a board, management and funding for common property. The conversion documents address how the new association will operate. Those arrangements should be reviewed as part of the plan, rather than assumed to change automatically.
Start with your building.
Tell us which cooperative you own in and what prompted you to look at conversion. We will explain the information needed for a free feasibility study.
Or write to info@huttonfirm.com.