September 11, 2016
With surging real estate demand, it is inevitable that the long-dormant Ohio condominium market would see a return. Our firm recently has been engaged to draft Ohio condominium documents for the creation of new condominium regimes and the division of property into condominium units.
The proper preparation of condominium documents allows a owner/developer to “cut up” his building or buildings into separate condominium units and sell them to individual buyers. These can be as simple as townhouse-style residential units that are made legally separate by condominium documents to fully-integrated high-rise buildings that are carefully separated (and operationally integrated) by a declaration and drawings.
Much of Cincinnati’s recent condominium activity involves retail, office and residential spaces in downtown and Over-the-Rhine, where both new buildings and old structures are being built or renovated, and then sold in that the legal industry sometimes refers to as “Three Dimensional Property Regimes.”
For existing buildings that are being rented, this involves the further complication under Ohio law [O.R.C Section 5311.26(G]) of converting a rental unit into a salable condominium unit.