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BizAttorney
BizAttorney, Attorney
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Experience:  Over 12 years of business and legal experience.
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I own a condominium in Westminster, CO . the building is old

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I own a condominium in Westminster, CO . the building is old and apparently has some severe structural problems and the city is apparently considering condemning the building. Does the insurance that the HOA carries, which is part of my monthly fee, pay out for the loss to me so I can pay off the loan?

BizAttorney :

Good evening! I can help you out with your legal question tonight. No, the HOA would not carry insurance to pay if the city condems your condominium. When a city condemns a property, it simply means it is in disrepair. The owner can then fix it or the city will take it down and likely charge the owner for the cost.

BizAttorney :

If the city uses eminent domain, where the city takes the property from you, then they MUST pay you a reasonable price for it.

BizAttorney :

However, condemning a property is not a covered incident in an insurance policy.

BizAttorney :

Fire or flood, could be covered by insurance. If it were to burn down for example, then the insurance would pay you for it.

Customer:

So, basically my only choice would be a strategic forclosure? do I have any other options?

BizAttorney :

Yes, noone will pay for you to renovate the property and the owner is responsible to pay to bring the building up to code etc.

Customer:

What responsibility does the HOA have?

BizAttorney :

It depends on the CC&R's, but typically they are to maintain the common areas.

Customer:

But the insurance that we pay for covers the buildings, roofs,etc. My condo insurance wouldn't pay for a condemnation either?

Customer:

Do you think hiring an attorney would be helpful? or not?

BizAttorney :

Yes, they maintain the outside shell of condo's, but not the inside of the building. Each owner is responsible for his/her own repairs on the inside.

Customer:

Even if the building structure itself is the problem?

BizAttorney :

No, I would first talk to the HOA and see what funds they have in the coffers.

BizAttorney :

Building structures should be covered by your HOA.

BizAttorney :

It is a common area.

Customer:

Thanks

BizAttorney :

You are welcome! Don't give up. I don't think you need an attorney at this time.

BizAttorney :

Have a good night and please leave me feedback before you go.

BizAttorney :

Did you have any other questions tonight?

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