The Co-op to Condo Conversion Specialists™
Royal Palms Closings
Royal Palms
Group A Members - Condominium Conversion
We are pleased to inform you that all Group A Members (members with no loans) are now ready to complete the conversion of their leasehold interest to a condominium form of ownership, and deliver the deed to the unit, as part of the Conversion Plan.
Closing Documents
All Group A members at Royal Palms should have received a package enclosed with documents prepared specifically for each individual unit, which will be used as the Closing Documents, some of which will ultimately be recorded with the County Registry. Please review all pages carefully and let us know immediately if there are any corrections needed, such as the spelling of your name, marital status, address, manner of holding title (refer to attachment - Concurrent Co-Ownership Interests), etc. If you still have any questions on how to hold title, you may want to consider professional advice.
We provide a brief description and explanation of each document below:
- Unit Deed – Transfers ownership of your unit as a condominium from the Cooperative to you.
- Assignment and Assumption of Lessor’s Interest in Occupancy Agreement and Merger of Interest – Assigns the Cooperative’s interest as the Landlord in your Occupancy Agreement to you. This has the effect of making you the holder of both the Landlord’s and Tenant’s interests. This document also allows for the merger of estates (i.e. Occupancy Agreement into the Deed) and results in you holding a fee simple interest in your unit as a condo in the new Royal Palms Condominiums.
- Distribution Agreement – Sets out the process by which your unit is being “distributed” to you as part of the dissolution and conversion of the corporation to a condominium form of ownership.
- Preliminary Change of Ownership Report – This document is used to inform the county of the transfer of your unit to you as a condominium. If you accepted the condo unit without any change in the ownership then you should have no reassessment of your property for tax purposes due to the conversion.
Away Closings
If you are not in the area or you are unable to meet onsite with the Notary, you may have these documents notarized by a local notary of your choice at your own cost. Once you have had all documents notarized with your signature, you must mail back ALL the documents contained in this package with the ORIGINAL signatures and the required payment(s) in the self-addressed envelope provided. Please do not forget to include all your payments for conversion services and Title.
Closings and Complementary Notary Services
Hutton has arranged for notary services to be present on-site at the property at no cost to you. When signing with the notary, they will need to see an original state-issued driver’s license or passport for each owner – no photo copies, please. All questions should be directed to Hutton prior to attending the closing since the notary service is only for executing documents and delivering your payment(s). Appointments will be scheduled every 10 minutes in advance of the closing date and given priority. Walk-ins are welcome, however you may have a wait time since appointments will be honored first. You can secure your appointment time below, or you can contact Hutton directly at 1-800-609-5144.
Reserve Your Closing & Notary Service Time
Select May 4th in the calender below and click your preferred time slot for your Royal Palms closing. A form will then appear below. Please fill in the form and click submit.
You will immediately receive an email confirming your booking.
[app_monthly_schedule service=”5″ date=”2015-05-01″ long=”1″ title=”” logged=”May 2015“]
[app_confirmation note=”Optional note:”]
Document Review
We urge you to review all the attached documents IMMEDIATELY and not wait until the day of signing to ask questions or make request for changes. Also, you can review the recorded governing document for the new Royal Palms Condominiums below.
Condominium Plan for Royal Palms
Royal Palms Recorded CC&Rs
Bylaws of Royal Palms, Inc.
BRE Public Report for Royal Palms Conversion
Articles of Incorporation of Royal Palms, Inc.
If you desire a hard copy of the recorded governing documents, one can be provided to you at a cost of $40.00 by contacting our office via phone or email.
While it is not required that you be represented by an attorney at closing, you have the right to review the documents with an attorney at your own cost and expense.