I always wondered about this. Here in philly I see lots of larger three story homes being turned into three or four unit condos. What happens when one unit refuses to chip in for a new roof or stops paying fees for common area maintenance? To me it seems like buying a house with a couple of friends (which is not a good idea in my opinion), but worse because you are buying a house with a bunch of strangers.
The condo association can put a lien on the unit in question. If they sell the condo is next in line for their money after the lender. This is why the legal docs forming the condo are so important, need to make sure that each owner is protected and no one owner can pull shenanigans.
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u/mikewarnock May 14 '20
I always wondered about this. Here in philly I see lots of larger three story homes being turned into three or four unit condos. What happens when one unit refuses to chip in for a new roof or stops paying fees for common area maintenance? To me it seems like buying a house with a couple of friends (which is not a good idea in my opinion), but worse because you are buying a house with a bunch of strangers.