The DC Condo Conversion Guide – Step 2
Step 2) Application for Registration
Owner files Application of Registration with DCRA within 180 days of Vacancy Exemption or Conversion Election.
The owner obtains a Commitment Letter from their lender/source of capital or Proof of Funds if the owner is using their own capital.
The owner provides a list of all subcontractors and vendors involved in the conversion.
The Owner files the Application for Registration with DCRA. The application is subject to a 60 day review period.
The architect generates a report including a description of the existing building, the planned construction, and expected useful life of building elements.
The architect generates plans and provides the engineer with a copy for the Preliminary Subdivision Plat.
The engineer generates the Preliminary Plat and Plans using the architect’s plans.
The property manager generates the first year budget, including reserves.
The property manager signs and provides the Management Agreement.
The agent may be required to provide a marketing plan with examples of promotional material.
The agent generates a Comparative Market Analysis and provides recommended pricing.