What happens to a condo if the developer files for bankruptcy?

Answer In a Condo...there is no separate building to file for BK. The individual Condo owners pwn fee simple title, (that is complete title) to their unit. That could happen in a Co-op...where the buildi... Read More »

Top Q&A For: What happens to a condo if the developer files ...

If bought a condo but the developer continues to significantly rent units is there an out for a condo owner Is the developer responsible for a certain buyer vs renter percentage?

Read your governing documents to determine what the developer is 'allowed' to do during the 'declarant control period'. As well, determine the status of the project, so that you know what ratios ar... Read More »

What happens if a builder files for bankruptcy?

While it may be a bit of an inconvenience if your builder files for bankruptcy, you may not be negatively impacted at all. This depends on the type of bankruptcy filed and the builder's intentions.... Read More »

What happens if my bank files for bankruptcy?

It isn't uncommon for individuals to question what would happen if their bank filed for bankruptcy. According to Market Watch, bank failures are expected to keep rising throughout the years.Signifi... Read More »

What happens when a company files for bankruptcy?

When a company files for bankruptcy, it is acknowledging its insolvency and need to eliminate lots of debt. While in bankruptcy, a judge may discharge some debts and put the company on a path towar... Read More »