Skip to main content

If I own a condo or some other property in a complex (parking space also came to mind), what happens to ownership if the property needs to be demolished or rebuilt?

Hi all, curious about the above because I've been looking at different condos and several of them that I am interested in are mostly older (like 1920 for one in Boston). I'm curious about the freak chance (I know it won't happen, more out of curiosity) that I 'roll a one' and buy a condo, but the building is demolished at some point in history. I know buildings get fixed and renovated for centuries, I'm thinking freak chance here.

Is the property worthless/just worth what the land is worth because it will no longer exist? Is the construction company/HOA/other fees that a parking garage might charge you idfk required to pay me for what the room was worth before being demolished? Or might it be worth an equal amount of space in the new building?

submitted by /u/dudecool2016
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/knhdvs/if_i_own_a_condo_or_some_other_property_in_a/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more