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What happens to the condominium owner if the building collapsed in a matter of years?
Wiki User
∙ 14y ago
Any owner of a condominium is obligated to read and understand the governing documents for the association where the owner owns real estate property.
Governing documents cover reserve requirements, and many state laws also cover reserve studies and reserve contribution percentages. (Reserves are used to replace common area real estate assets at the ends of their useful lives.)
As well, associations are required to carry master insurance policies.
If a building collapses in a matter of years from non-maintenance, certainly an owner would have a cause of action against the association's board of directors.
More to the point, however, an owner must understand how their real estate assets are being maintained and preserved: whether it's a single family home or a condominium.
Wiki User
∙ 14y ago
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