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San Francisco is unique in many of its property laws, especially in regards to condo conversion. Our city is filled with century old multi-unit residential buildings, anywhere from 2-4 units, 5 plus commercial multi-tenant and mixed use properties. Investors or groups of TIC buyers would purchase these buildings with the goal of someday converting them into condominiums. This document, updated in February 2009 by the law firm of Goldstein, Gellman, Melbostad, Gibson & Harris LLP, provides in-depth knowledge of today’s laws effecting condo conversions in San Francisco. Included you will find the answers to: - What is a Condominium?
- Why Should I Convert My Property to Condominiums?
- Is My Property Eligible for Conversion?
- What is the San Francisco Condominium Conversion Lottery?
- Which Properties Bypass the Conversion Lottery?
- What are the Odds of Winning the Conversion Lottery?
- How does the Conversion Lottery Work for 6th and 7th+ Year Participants?
- How does the Conversion Lottery Work for Everyone Else?
- How does the City’s Tenant Protection?
- Legislation Affect Conversions?
- How do I Apply for the Conversion Lottery?
- What are the Post-Lottery Requirements?
- What Building Code Work Will I Need to do to Convert?
- What are the “Tenants Rights” Rules?
- How do Qualifying Properties Begin Conversion?
- How Long does the Conversion Process Take?
- What Other Documentation is Needed?
- Does My Lender have to Approve My Conversion?
- When is Conversion Complete?
- Must I Refinance After Conversion?
- Can I Sell Before Conversion is Complete?
- Will Conversion Increase My Property Taxes and Insurance Premiums?
- Will My Unit Remain Subject to Rent Control After Conversion?
- What Will My Conversion Cost?
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