Typical Contract Terms
No Deed, No Cost
If for whatever reason the conversion to condominium does not result in deeds distributed to owners, there is no fee to shareholders or the cooperative. Hutton MUST complete all phases of the conversion at its own cost and risk before any payment is due.
Every Owner Will be Able to Participate
Hutton’s Conversion Plan will provide for those who can’t finance or pay their own conversion obligation to participate in a “Group Loan” that will assure they get a unit deed regardless. Those in the Group Loan do not need to qualify or even apply for the loan and can pay it off at sale or refinance without penalty.
Hutton Pays for Everything - Shareholders Pay One Fee When They Get Their Deed
Throughout the process, Hutton will hire and pay for all the experts including attorneys, engineers and other professionals to get the job done. All owners need to do is pay one fixed fee when the deed is delivered.
2/3rd of the Shares Must Approve the Conversion Plan
The plan will be a dissolution of the Cooperative and a distribution of all unit deeds to shareholders with proprietary leases in force. Under the Co-op’s documents and most state statutes, only 2/3rd of shareholders need to approve such a plan. Hutton has successfully executed such a plan for several thousands of units from co-op to condo ownership.
Fannie Mae and Reserve Study is Included with Hutton's Contract
Hutton’s professionals will apply for Fannie Mae Project approval which if granted will allow for the Hutton’s primary mortgage lender to offer the best rates and term available in the market.