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random condo question

548 Views 3 Replies 2 Participants Last post by  Fern~Fern*
so there has been alot of talk at my work place of people looking into buy a home/condo. and that got me thinking, with all these new downtown condos poping up. what happens if you owed a condo in a smaller 2 story complex and the owner of the building wanted to sell the land to a developer? i assume it would be a different situation then a house were you physically own the building and the land. but a condo you only own a part of a building. do you get a 1:1 compensation? is it normally market rate for that kind of condo? let me know any input anyone out there may have.

not buying anything any time soon. just wondering
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Why would you buy a condo in a building leasing the land from a developer or family trust in the first place. This info is ususally disclose at the time of purchase. So do your homework if not, then you deserve to be kicked out to make way for a newer apt/condo tower.
Then all tenants would get notified and giving a chance to sell their units. The tenants are the building owners since your purchasing a unit. If someone wants to sell without authorization from the unit owners, I guarantee a massive law suit against them.

Also there's a management company who handles all repairs and collect Association fees, like bookeeping. But there's really no one building owner. If that's the case I wouldn't buy a unit in that particular apartment...
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