From condominium to ownership
We help members of housing cooperatives to reduce their housing costs.
If a cooperative association is put into voluntary liquidation and the housing units – semi-detached or detached houses, terraced houses, row houses or duplexes – are bought out, you as a resident can make interest deductions of 30 % when you take over the association’s loans.
Buying out your house and then liquidating the cooperative association involves a number of steps:
- The association’s finances must be analyzed. Mortgages and property valuations must be arranged.
- New properties must be formed. Purchase agreements must be drawn up.
- Tax consequences must be investigated.
- The cooperative association must be wound up (liquidation).
We have devised procedures that are adapted to the needs of each individual cooperative association. The normal approach is to divide the work into an investigation phase and an implementation phase. We act as project managers, which entails representing the cooperative association vis-à-vis authorities and banks. We keep the costs down and speed up the project.