I saw an old flat building, 3 stories tall. It looks very old, brick, not on a slab, and there are big cracks all over it, visible from the inside & out, and quite a few bricks are loose or missing at various places.
I'm not planning to buy there, but i thought what if i had one of those flats? Is the building gonna get condemned/declared unsafe/demolished before it eventually collapses by itself?
Would insurance cover it if one of the above happened?
If it can be repaired, how would the bill be paid? Body corp fees?
And can the body corp and/or owners decide/vote to knock it down and build a new building?
I'm not planning to buy there, but i thought what if i had one of those flats? Is the building gonna get condemned/declared unsafe/demolished before it eventually collapses by itself?
Would insurance cover it if one of the above happened?
If it can be repaired, how would the bill be paid? Body corp fees?
And can the body corp and/or owners decide/vote to knock it down and build a new building?