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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 19640
Experience:  B.A.; M.B.A.; J.D.
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I live in an apartment building that has 144 condos. The

Customer Question

I live in an apartment building that has 144 condos. The building, built in 1972, is 44 years old. It is in decent condition. I am 70 and may live 30 more or less years. By then the building will be 74 years old. I own two condos and will leave them to my brother or his grown children. My question is: What happens to this 9 floor building when it is approaching 100 eventually? Does the realty company that owns it do something for the unit owners if the building has to be torn down? Like buy the condos? There are boiler and plumbing problems at times, etc.
I wonder about the distant future. What will be done then?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 1 year ago.

If the building has to be torn down for some reason, the owners would be compensated for their interests in the property. The owners may also be given the opportunity to stay after the renovation. This is all speculation. Nobody knows what the future would hold. The building may still be there in 74 years afterall there are many buildings that are 100 years old with the structures still intact and only minor improvements made to maintain the buildings.

Customer: replied 1 year ago.
Thank you, ***** ***** learned something!
Expert:  Phillips Esq. replied 1 year ago.

You are quite Welcome!

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