Reply #25: Kind of like a business.

[trixie]

You can own the building but lease the land. It is very common for condos and has been around for years. When I sell my condo, I sell the building. The land is owned by the current association made up of current owners. I don't have equity on the land. If I am a current owner and the state/local government buys some walkway then things could be different on that particular piece of property to current owners. This is why condo home insurance is much cheaper than home owners insurance. We only insure the inside of the building. If my roofs leaks the association fixes it not me.