Pre-sell condotel units before acquiring or purchasing existing motel

[Martin Mark]

I am looking to purchase an existing motel to renovate and turn into a condotel...where the individual units become condo units, and the motel still runs like a normal motel to guests.

How can I legally pre-sell the units before acquiring or purchasing the motel? What kind of details would I need to give as to location of where the units are to prospective buyers of the units...meaning, is the city/town and descriptive of what its near good enough? How are things structured legally so that upon my purchase of the motel building and property, the deposits on the condo pre-sales are released to me?

Obviously the actual sale of the units is not occurring here, but a way of securing interested buyers and deposits released at some point.


I originally posted this in the "Innovative Strategies" room of the forum, but am posting it here since I do not know the best place for discussion of my topic here.