Do You Usually Own The Land If You Buy A Condo?
If уου bυу аn attached condo, ԁο уου usually οwn thе land? It isn't a рƖасе whеrе thеrе аrе two tο three levels οf condos stacked, bυt each condo іѕ 3 ѕtοrіеѕ аnԁ share a wall wіth thе neighboring condo. In thеѕе situations, specifically orange county, ԁο уου usually οwn thе land οr јυѕt thе condo?
AƖѕο, іf ѕοmе hοw thе condo gets ԁеѕtrοуеԁ bу a natural disaster, аrе уου pretty much out οf luck ѕіnсе уου don't οwn thе land?
In the majority of cases you only own your unit and what’s inside of it. That’s the area people purchase when they buy condos or townhouses. Everything else is considered common area. Check with your HOA as to what kind of insurance they currently have. Also, read the CC&Rs. It may give you a clue.
No…its considered a common area outside any fenced patio or yard….and is probably controlled by an association.
Any homeowners policy should cover your loses…as long as it’s kept up to date….some people do not keep their policies up to date as their homes value increases….then they’re out of luck when they only have 100k worth of coverage and the home is going to cost 300 to 400 k to rebuild.
When you own a condo you only own the space inside the outer walls. The building and land are owned by the condo association and are called “common elements”.
If there is a fire then the condo association’s insurance pays for repairs to the building. As the condo owner you should have a “condo policy” of homeowner’s insurance. That will cover the interior of the unit, such as cabinets, fixtures and personal belongings.
Just the condo. The land is comon property.
Condo ownership lets the owner own the condo only, not the land.
For townhouse owners, your townhouse and separate structures are covered for almost any type of damages except for a few common exclusions, such as wear and tear, earth movement, flood, nuclear hazard and earthquake.
no, what you own is your own “apartment” in a building
if you buy a condo, you are only buying the space inside the building. you can change anything inside that space but the outer most walls of your space must stay in place. everything in your space is your responsabiltiy, but the building and the land is the building owners responsability
No, you would not own the land that the condo is built on, and as to your 2nd question, you need’nt worry about being “Out of luck”,
as long as your condo insurance covers that particular type of natural disaster, then you’d be fully compensated.