REMOVAL FROM CONDOMINIUM
Real estate is sometimes put into a Condominium for the convenience of the property owners or to increase the marketability of the property. However, in certain cases, when the Condominium becomes no longer economical or useful to the owner or owners, there may be a circumstance where the property should be removed from Condominium.
CONDOMINIUM REMOVAL PROCESS
In Wisconsin, the process of removal from Condominium involves obtaining the consent of any party which has a lien upon the property, such as mortgage holders, and then having the removal instrument duly recorded. The resulting arrangement is that the former owners of the Condominiums become “Tenants in Common”. This may or may not be advantageous to the Condominium owners, and it must be considered before a removal from Condominium occurs. Co-tenants, for instance, have an equal right to possess the property, and neither tenant can exclude the other. Upon death, the interest of the deceased co-tenant will pass to the co-tenant’s heirs.
There are other facets of tenancy in common that may or may not be desirable. Before such a real estate transaction is attempted, you should consult with a local Wisconsin attorney who has significant experience in this area, such as Green Bay Attorney David Daul, of Wanezek & Jaekels, S.C. Please call David for further consultation at (920) 437-8191.