DC Condo Conversions – Fees and Timeframes
You want to know how long a condo conversion project takes and how much are the fees. My name is Deirdre Brown. I am a settlement agent serving the District of Columbia, Maryland and Virginia.
Today I’m going to try and answer some of those questions for you. The condo conversion process timeline really depends on how big your project is and how smoothly everything goes. If your project is smaller, 2 – 4 units, a no new additions, pops-ups, bump-outs, zoning variance requests, you probably can get it done in four to six months. If you have a medium-sized project or a project with a few complexities, it may take 8 to 12 months and if you have a larger project it may take up to 24 months. The key is you want people on your team who have done this before to help shorten the timeframes and decrease your holding costs where possible. As far as fees you will need to pay fees to the District of Columbia. There will be fees for the application, recording of the plots and plans transfer, and recordation fees.
You will need to pay the professionals who help you with this process. So the title company that creates the condo documents for you will charge you a fee, your engineer, the architect, your contractor as well as your realtor at the end who sells the units for you. You will also need to put up a band that warrants. against structural defects. The District of Columbia requires that the amount is up 10 percent of your construction cost. They look at materials and labor to determine construction costs. The District of Columbia will hold that those funds for two years if there’s no claim against the project you get the money back.
If you want more information about the condo conversion process please download our free guide at lexicontitle.com