How do condos work?

[firespirit]

Okay, so I have no idea how a condo works.

Now this question is actually for information on our floating home space, which is basically the same type of idea.

Right now we are in a leased space and the moorage (and land under the water) is owned by the University of Washington. So I see how this might present a problem since there is always the "what if" question.

Now a lot (but not all) floating homes are on condo or co/op spaces. I saw one advertisement for a moorage slip to buy (it wouldn't fit our house) but either way you buy the space for $150,000 and that means you own the land under that spot in the water (I assume), much like you own what is in your walls. Then you pay dues for the condo stuff. The ad said the condo lease expires in 2076 or soemthing like that. Now I realize this is a long time away, however, at that point if that lease expires, could they take down the docks (technically) meaning you might not have access to your spot on the water anymore? Can that happen in a real building, like if the lease expires can that building be torn down and everyone in it loses their homes? Is that how condos work? Is there always some sort of lease?

Sorry for all the questions, I really don't know how condos work and I'd really like to understand them a little better.

[MrsDM]

I'm not sure if this is what you are looking for, but the condo we just sold worked like this. We owned the inside. The walls, floors, etc. We also had a parking space outside and a 1 car garage to do what we want with it. All of the outside aspects of the building, like sidewalks, driveways, landscaping, garbage facilities, were run by the association. In our case, we had a president, vp, and a treasurer all who lived in the building who handled it all. We paid monthly dues of $80 per month, which obviously vary depending on where you live, what upkeep you have, etc., and those fees covered everything outside.

Sorry if I'm not understanding you correctly, but in a nutshell that is how condo's work

I, personally have never heard of a lease being associated with a condo, but from what you said, it sounds like the association has a lease for the docks? I don't think under any circumstances anybody can tear down the condo units, unless they were falling apart.