Question

A woman owns an apartment building that is losing money. Her accountant tells her that she could make a profit if she sells the apartment units as condominiums. Which document must she record or provide?

Options:
A) Warranty deed
B) Declaration of condominium
C) Lease agreement
D) Quitclaim deed

Answer 1

To convert apartment units into condominiums for individual sale, a woman must record or provide a Declaration of Condominium, which is the legal document needed to establish a condominium association and outline individual and common property rights.

Step-by-step explanation:

If a woman owns an apartment building that is losing money but can turn a profit by converting the apartments into condominiums, the specific document she must record or provide is a Declaration of Condominium. This is essential for legally establishing the individual ownership of each unit within the building. A Declaration of Condominium is a legal document that officially records the creation of a condominium and outlines the individual and common elements of the property, the rights and responsibilities of the unit owners, and the governance structure of the condominium association. It must be recorded with the appropriate local government entity to be enforceable and is a requirement before individual units can be sold as condominiums.