The term “condominium” is a type of ownership recognized under Louisiana law. As such, local ordinances or regulations cannot prohibit this type of ownership. Existing apartments can be converted to a condominium, or new structures can be erected to constitute a condominium. A condominium is created by a document known as a Condominium Declaration executed by the owner of the property to be made subject to this form of ownership. A non-profit corporation will be set up for the Condominium Association to grant the authority to manage the Development and collect dues for its operation.
Bylaws of this non-profit corporation will set out the rules and regulations for the Development and the Association. A plat of the property and plans of all structures to be included in the Development will be drawn by a certified professional for attachment to the Condominium Declaration.
Prospective purchasers will be provided with a public offering statement that contains a full copy of the Condominium Declaration with exhibits, a copy of the proposed operating budget for the Development and declarations required under the law. Our office can assist you in developing your Condominium development.
