If i own a condominium and the building is due for demolishion what will i receive for compensation?

Question

In the future, i'm interested in buying a condo near the beachside, however the building is fairly old, so it just came to my mind that if i own a condo unit, meaning i paid off the mortgage completely, does the landlord have to buy the complex from me or something if he or another company wants to build a new complex.

Answer 1

if you buy a condo unit, there is no landlord; but there will be an "association."

prior to buying any real estate whatever,

it is absolutely essential that a buyer

hire an appraiser [if the bank does not do it for you] and AND an inspector.  

The inspector is supposedly skilled to

review the walls, joints, paint job,

windows, frames, etc and he/she can

say "this is a great home" or

"this home is worn out and I see you needing to repair a, b and c within

one year"

or

"this home is a disaster......here is why."

if those two skills [appraiser and

LICENSED home inspector were not

available, no one should buy a home!

---

the association is responsible for maintenance on the outside,

for the common grounds and

to make sure its rules are followed.

They have nothing to sell other

than their own units.

am available to help further