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We noted in our section on Legal Issues that the evaluation process for any real estate that you’re buying requires that you look beyond the physical structure or the land itself to the more abstract legal characteristics of the property you’re buying. When you’re buying a condominium or town home, or any even a single family home or piece of land that is governed by a home owner’s association, you need to be a least one degree more cautious. When you buy this type of property, you’re not just purchasing a piece of real estate. You’re buying into a corporate entity that has its own governing structure, the ability to establish new rules and regulations that can define how you can use your property, and the ability to mismanage the finances of the corporation in ways that could bankrupt you.