: 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

For ELI5 sake I’d say it’s more like buying stock than property. You own a share of the property, with exclusive rights to a specific chunk that is your living space. You are still subject the issues and whims of the overall company though, and for example might get hit with a “special assessment” for something like the overall unit needing a new roof or some general group maintenance.