Asked by JB, 94107 • Tue Jun 17, 2008
I've asked this as an aside in an earlier question, and didn't really get a response.
What happens for a condo if a multi-unit building is destroyed (fire/earthquake/whatever), but only a small number of people have the financial resources to rebuild? Do those of us with resources (eg, via insurance) have to buy out the others? Do we each end up owning a tiny slice of land? Does our money get tied up for years as everyone fights about what to do?
My building (where I rent) is 12 units; what if the building were destroyed, but only a couple of owners have insurance? That insurance might cover their own losses, but couldn't rebuild the entire structure. What happens?
This seems like something that must have been worked out given the prevalence of both condos and earthquakes in California.
Real Estate in San Francisco
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