What document is required when a developer wants to convert an apartment building into condominiums?

When a developer seeks to convert an apartment building into condominiums, the law mandates that a buyer's handbook and disclosure statement are provided. This requirement is in place to ensure that prospective condominium buyers are fully informed about the property and the specifics of condominium ownership. The buyer's handbook typically outlines the rights and responsibilities associated with owning a condominium unit, while the disclosure statement informs buyers of any pertinent details about the conversion, including the financial obligations, any outstanding liabilities associated with the property, and information about the homeowners' association.

This focus on transparency helps protect consumers by giving them the necessary information to make informed decisions, which is especially important when transitioning from rental units to individual ownership. Other options, like an advertisement for the new condos, a marketing plan, or a construction permit, do not adequately fulfill the legal obligations set forth for informing buyers during such a significant change in property use.