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Reply to "What’s the worst/most expensive thing you’ve discovered was wrong after closing?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I thought I bought a townhouse but it was a condo. They only used the word condo in the legal paperwork. Of course it’s obvious to me now. [/quote] I’m a transactional real estate attorney. I used the draft condo and hoa association docs. An HOA is legally a condominium turned sideways. They are effectively indistinguishable. What do you think is different about the two?[/quote] Is there a difference in what the master insurance policy covers? I know our condo townhouse the exterior structure is covered by the master and our personal policy is studs in. Is that how it is for an HOA?[/quote] No, in a Homeowner's Association, the fee simple owner is responsible for the entire structure up to the middle of any party wall diving the housing units. They are responsible for their homeowner's insurance, and the HOA generally has insurance on common areas. [/quote]
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