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I'm looking at the idea of buying a condo. I think it's a good option since at this point it would serve as a vacation/weekend place and then we'd live there full time when we retire. We looked at a couple over the weekend. One of the things I didn't know was that they have more stringent requirements for down payment--according to my Realtor you need at least 25% down and they aren't eligible for certain types of loans. That's not a big deal but I guess my question is what other wrinkles are there to owning condos? What do you actually own and does it vary? What should I look out for? How does it work if it got destroyed somehow? I've never owned one and I'm not sure what to look for in the fine print.
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