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What does it mean when a condo is insolvent?

What does this mean? A condo?! URGENT!?

  • Wait, is this WHOLE house for sale? http://www.sawbuck.com/property/Providence_Metro/Newport/9196893-719-Bellevue-Avenue-16 I read it before and i thought it was the whole house! But..it says "condo" for type!! I am freaking out! I loved this house..but it is a CONDO?! Plz dont just say "No." or "Ya."

  • Answer:

    It isn't a house, dude. It's a building. This is an advertisement for one unit in that building. unit #1 of 6. I am familiar with that part of RI, but not that building. I would say that's probably about right for that location although I'm sure the price is negotiable. ;-)

Sunshine... at Yahoo! Answers Visit the source

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"Condo" does not have to mean "several apartments in one unit". It can also refer to an area where you purchase "the house" but not the property on which it is located. The property remains the property of a home owners or condo group. They have full control over what you can and can not do on the property, any changes you can make, and may handle all the maintenance for the property. The only way to know is to call them and ask, as the listing is vague about the conditions of the purchase.

YaNo i bought it anyway

The listing is definitely confusing. It would seem that the whole house is for sale. However, it further appears to be under the auspices of a condo association -- one which charges a $1626 per month condo fee, in addition to the amount the owner will be paying for mortgage, taxes, and insurance. Maybe the house is zoned so that it can be divided up into condos?

Condo sometimes suggests it's part of an association with common areas and expenses. Single family homes can be within an association. Ask the Realtor.

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