Application for Registration: The city required application that accompanies the submission of the Public Offering Statement (POS).
Acquisition: Purchase of property.
Condo Conversion: The change in title from a single owner of an entire project or building to multiple owners of individual units.
Conversion Cost Budget: The estimated cost to achieve the planned purchase, improvements and related costs of the entire conversion undertaking.
Demolition: The first phase of construction where outdated systems are carefully removed subject to environmental guidelines.
Developer/Declarant: The owner of the building who makes the Application for Registration.
Engineering Report: A report of the existing conditions at the time of conversion that shows the amount of remaining useful life for the key building systems, such as: roof, windows, plumbing, electrical system, and heating and air conditioning.
Environmental Report: A report describing any existing environmental hazards within a building, such as: lead, asbestos, and radon.
Insider: A resident that qualifies for a Tenant Association's conversion benefits.
Master Building Permit: Written government permission for the construction, alteration or demolition of a property, showing compliance with building codes and zoning ordinances.
Public Offering Statement (POS): A detailed public disclosure to the tenants stating the condition of the property about to be converted to condos, which must be approved by the applicable government agency prior to registration of the condominium.
Registration Date: The date in which a Developer/Declarant may legally sell condominium units.
Request for Election: A request made by an owner to a tenant's association to vote on whether to approve a proposed condominium conversion.
Subdivision Plat/Survey: A survey drawing of the elements of the newly created condominium which defines the location and boundaries of individual units.