ABSTRACT
The 1970s saw the rapid development of the flat break-up market in London. But the sale of rental property for owner occupation was not a new phenomenon. In North America, however, the condominium as a form of real property title is a relatively recent innovation. Because the owner of a condominium unit holds absolute title to the individual unit combined with a collective interest in the undivided common parts, it is necessary to register a development as a condominium and to register separate title to all the individual units before a single unit can be sold. The development of condominiums in the United States and the enabling legislation which underpinned it did not suddenly fall fully fledged from the skies in response to some sudden outburst of enthusiasm on the part of potential condominium owners. If sale and conversion are financially advantageous, landlords will seek to sell, irrespective of consumer preferences.
