Condo declaration vs CC&R

Discussion in 'General Appraisal Discussion' started by frozone, Jul 11, 2011.

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  1. frozone

    frozone Sophomore Member

    0
    Jul 20, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    2 Q?'s

    1.) Is a Condo Declaration the same as the Declaration of Covenants, Conditions & Restrictions. Im currently researching a property with CC&R' and trying to distinguish if its a condo or non-condo PUD.

    2.) Per the Fannie definition of a condo project... individual owners hold title to the units in the project along with an undivided interest in the... common areas.

    The CC&R's for this property state "Purchasers will not directly own any common property, but will indirectly own an undivided interest in the Association Property as a member of the Association

    The Association Property as defined as the common areas within the docs.

    Is indirectly owning undivided interest through the HOA of the common areas the same as having undivided interest in the common areas?

    Any insight would be greatly appreciated.
     
  2. frozone

    frozone Sophomore Member

    0
    Jul 20, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Just called my county clerk and was informed they are in fact 2 separate documents and not one and the same.
     
  3. Mile High Trout

    Mile High Trout Elite Member

    2
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I don't believe so. Indirect ownership is your allotted portion of common areas for being a property owner. The undivided interest would be something like the person who owns the water supply or something equivalent to that?
     
    Last edited: Jul 19, 2011
  4. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    Pull the master deed, which (as far as I understand it), includes what you call the CC&Rs.
     
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