Condominium deconversion is the process of bulk selling a condominium property to a third party to be turned into rental units. According to CAI’s
Guiding Principles for Community Association Governing Documents: A Resource For Lawyers, the standard termination approval process of a condominium building requires a vote of 80% of the unit owners. Many states include the owner approval voting percentage in their state Condominium Act or Common Interest Community Act.
Determined by the condominium declarationRequires a vote of 67% of the unit ownersRequires a vote of 75% of the unit ownersRequires a vote of 80% of the unit ownersRequires a vote of 100% of the unit owners
Condominium Act SECTION 2-118. TERMINATION OF CONDOMINIUM.
Texas has an exception for condominium documents
- a declaration can lower the 100% requirement to no less than 80%