K.W. from New London County, Connecticut writes:
Dear Mister Condo,
Bought a condo almost 2 years ago and just now found out that the association does not own the land that the condo sits on. In fact, the land is owned by a Mortgage Company and is currently up for sale. What are my rights at this point? Should my title insurance or my closing attorney be responsible for this?
Mister Condo replies:
K.W., while it is not common, it is not unheard of for a condo to sit atop of leased land. Perhaps the association should consider buying the land and assessing the owners for the purchase so as to avoid future problems with land rental costs. Neither the closing attorney nor the title company would likely have any liability in this transaction as what you purchased was your unit, not the land it sits upon. You should speak to an attorney about your rights in this matter as I do not offer legal advice in this column. My guess is you will be told that you still own your unit and are entitled to all of the rights that come with unit ownership. All the best!