Condos: what happens if?

What happens if the owner of the condo development decides he/she wants to demolish the whole thing? Can they?

If they can, what happens to you? Do you get paid just FMV for your condo or nothing or?

When you buy a condo, you are the owner. There is no owner of the development. The Home Owners Association is elected by the owners and they collect a fee to cover all the maintenance of the common areas such as the pool, club house, mowing the lawns, putting on new roofs, resurfacing the parking lots etc.

hmm ok. You own the air space but building and land is owned by the main party. Don’t know much about condos beyond that I guess :smiley:

I was just curious what would happen. Like if a condo was in the way of some huge project.

It would be treated like if a housing development was in the way, the ones affected would get bought out.

Howdy Evergreen:

You own the air space but building and land is owned by the main party.

WRONG: Once the developer sells a certain % of the condos they turn management over to the HOA. There is no main party. You own the condo and no one can take it away except a government agency thru condemnation and that is for public use. You own the air for sure but also a certain % of the common area that includes the bricks and sticks and grounds and sidewalk and parking area et-al.

Here is a what if: A mall developer wants to buy all the units and build a mall. They will have to get the deed from all the homeowners. They will have to negotiate with each owner to sell. They cannot make anyone sell. I saw a development once in Bellaire where there was a bank building on one side of a SFR and a parking garage on the other and behind and all around this tiny little house. I can not visualize a mall on all 4 sides of your condo and it could never happen but they can not just take it away either. I am sure developers have bought whole condo projects but they were bought one owner at a time and there is no main owner.

ah ok. thanks.