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Condos are just a kind of appartement, right? There is normally a kind of owners assembly in which the various owners can take (binding) decisions or action re
by seszett 3y ago
Condos are just a kind of appartement, right?
There is normally a kind of owners assembly in which the various owners can take (binding) decisions or action regarding such problems or anything that concerns the building as a whole. It might not be mandatory in all countries I suppose, but it should be.
- bombcar 3y agoIt's called a home owner's associate or condo board or similar. And a relatively common issue is underfunding it, so one of the things you have to be aware of if buying a "used" condo is how funded the association is, or you may find that the "deal" you got compared to others in the area is because you're going to be hit with a $50k additional assessment in a few years to fix deferred maintenance. Extreme examples include: https://en.wikipedia.org/wiki/Surfside_condominium_collapse https://en.wikipedia.org/wiki/Surfside_condominium_collapse