Home Buying in California>Question Details

Hilary, Home Buyer in 95678

Buying a CA condo. Understand I will not own the real land which the property is built on How can I find out

Asked by Hilary, 95678 Wed Jun 25, 2008

who does own the land & the financial status of the owner. Can the real land owner sell this land without the approval of the Condo owners. What right s do the Condo owners have in regards to the future of the real land. Can it go into forclosure and be a liability to the Condo owner?

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The land under the condo should be owned by the HOA or a percentage ownership to each condo owner. However if its a Townhouse it is different. With a Townhouse you own the land under the structure and therefore you should get a survey done during your option period. You want to make sure there are no potential problems like Sewer Mains or easements that could cause you problems down the road. Check with your Realtor or the local board of realtors to get a referral. Good luck!
Betina Foreman, Realtor Austin Texas
0 votes Thank Flag Link Wed Oct 29, 2008
Hiliary,

If it is a true CONDO, the ownership of the land is a cooperative ownership. Therefore if the complex is in legal suit or a lien has been placed again the cooperative, the individual unit is affected. However, condo can be a misleading term applied to different styles of home. (Town house, condo, etc...)

Check out this link, it might help ;
http://searchwarp.com/swa33836.htm

The type of ownership held of the land/common area/unit /walls must be determined before you can decide what the specific ownership vulnerabilities are in regards to foreclosure.

CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Wed Jun 25, 2008
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