: What happens when you Buy or Own an Apartment/ Condo? Do you own the property/Land? What happens if the building needs renovation, or needs to be demolished?

Question

When you Own a house in lets say america you own the Land. You can renovate, rebuild the house do whatever you want because you own the land. But lets say you buy a condo in a city like NYC? You only own the apartment building? But what happens if the building needs to get completely demolished? Or a huge chunk needs to get renovated etc.? What happens to you or your apartment or condo?

In: Other

Answer 1

Depends on the jurisdiction but you essentially become co owner of the plot itself. Even if an earthquake knocked down the apartment building into rubble as an apartment owner you’re still co owner of the plot.