When you own an apartment, what do you actually own?

K

kennyFTB

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Hey,

I know this may seem like a stupid question but can't get a straight answer from anyone about it and can't find an answer in previous threads( If you can, direct me to it and I would be most grateful)

My question is as above. If, for some reason an apartment building had to be demolished and you owned an apartment there. What are your rights? What do you actually own?

Regards,
KFTB
 
Re: When you won an apartment, what do you actually own?

Congratulations, but I think you may need to change the thread title!
 
I don't think you can ever actually own an apartment as you can never own the external walls as they are shared among all the apartment owners in a block. We had a 1000 year lease on ours which is now down to 996 and the clock is ticking!

But it is an interesting question, if a block is demolished in a development of several blocks, is it the "owners" or the management company that get compensated?
 
You are the owner of space within the development including some internal structures. You are also a part owner of the external structures and common areas (as shareholder of the management company).
 
shesells said:
I don't think you can ever actually own an apartment as you can never own the external walls as they are shared among all the apartment owners in a block. We had a 1000 year lease on ours which is now down to 996 and the clock is ticking!

But it is an interesting question, if a block is demolished in a development of several blocks, is it the "owners" or the management company that get compensated?
Click to expand...

It should be both.

The money will be given to the management company (and they should have an insurance policy to cover all eventualities) but you are a shareholder within said company so you will get the money through the management company.
 
My question was more that if block A which has 12 apartments is demolished is it just the 12 owners that get the money or all 80 members of the management company?
 
It was just a general question, not in relation to a specific development or block of apartments. Apologies for any confusion.
 
shesells said:
My question was more that if block A which has 12 apartments is demolished is it just the 12 owners that get the money or all 80 members of the management company?
Click to expand...

Just the 12 as the block will be insured with the relevant owners getting recompensed.
 
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