A: "I don't think that's so much of a concern. The concern is who's going to finish the project and how are those units being sold?" says Seattle real-estate attorney James Strichartz.

He's seen this situation happen during economic downturns when condo sales slowed and the developer couldn't meet loan obligations. Then the lender foreclosed on the project and took the unsold units, selling them in bulk to an investor.

The investor/owner may then rent the units out, in effect turning the building into a hybrid condominium/apartment house. Generally nothing prevents the new owner from doing this.

"If the number of foreclosed units is sufficient to control the association, the owners who bought in early have significant problems," Strichartz says. "They don't have any control of the association, and they live in an apartment complex that's being run by an investor motivated by different interests."

This can make it almost impossible for individual owners to sell their condos, he adds.

However there is something potential new condo buyers can do to sidestep this problem.

They can insist their purchase not be finalized until at least 70 percent of the all units are presold and ready to close. Strichartz says this should be written into the purchase and sale agreement.

Having roughly three-quarters of the building spoken for should ensure the building's financial stability, protecting buyers whose closings can all be held within a short time period.