Sale at 8 Downing Street #TH2
Started by fignar
over 8 years ago
Posts: 14
Member since: Jul 2008
Discussion about 8 Downing Street #TH2
it seems to be a 2 units condominium building ,is anyone has an idea how will be the relationships between the two owners
I have no idea of the relationship is of the 2 current owners, but 2 unit condos can be fraught with issues. If not currently, historically the units have been very hard to find financing for. If the building needs work on common elements and one person doesn't want to spend the money it's almost impossible for the other unit holder to force the issue. If your neighbor rents out their unit to someone who is a bad tenant, who do you go to for dispute resolution? Etc, etc, etc.
You almost have to treat it like buying 50% of a business. Very tricky.
Now living and experiencing a 12 unit co-op, I dont think I would ever buy into a condo or co-op that is smaller than that. You generally buy a condo or co-op to be less "involved."