: 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

There is still an organization that manages the building and collects fees for maintenance, repairs, trash collection and electricity of the common area. These charges appear similar to a rent. Apartment owners may get to vote on important decisions, such as who manages it or big repair projects. You own a share of the plot of land the building is on.