Legal Question in Real Estate Law in California
condo ownership
Question: If I own a condo in a high rise building and that building collapses because of an earthquake, am I left with anything? Do I ''own'' a space in the air for when someone else builds the building. And if no one ever does, am I out of luck? Thank you, Beth
2 Answers from Attorneys
Re: condo ownership
Most buildings, especially modetn high rise buildings, don't "collapse" in earthquakes. This would certainly be a risk you could purchase insurance against. In the circumstances you describe you might be left with but a share in the land.
Re: condo ownership
That's a pretty entertaining "what if." The homeowners association generally has an obligation to carry casualty insurance on the property. If it is partially or fully destroyed, the governing documents for the project will dictate what is done - reconstruction, or simply payouts to the homeowners affected by the damage. Read the CC&Rs, Bylaws and other governing documents, and they will give you a good idea of what happens. Yes, in theory, if the property is destroyed, you no longer own anything but air, but you are not out of luck unless the HOA goes bankrupt and fails to maintain insurance.
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