DISSOLVING AN ASSOCIATION

QUESTION: Is it possible to change a condominium project (three units total) into three separately owned properties - basically dissolving the association?

ANSWER: Yes, it's possible. You will need 100% consent of the owners and the lenders to do it. If you want to split the properties, you will probably need a new parcel map showing the three separate lots. Your municipality may impose requirements on the lot split or may not allow it.

Updated 6/10/2008