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View Poll Results: Is this a SFR or Condo?
SFR -1004 3 27.27%
Condo - 1073 8 72.73%
Voters: 11. You may not vote on this poll

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  #1  
Old 12-22-2006, 03:28 PM
Isaac Marcelo's Avatar
Isaac Marcelo Isaac Marcelo is offline
 
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State: Arizona
Professional Status: Licensed Appraiser
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Default Help! Condo or SFR, Explination of Horizontal & Vertical Property Regimes!



My understanding is the here in Arizona a Condominium MUST have a Horizontal Property Regime to be considered a Condominium. In a Condo you don’t own the dirt right? This property has a Plat Map with Unit # and measured lots (See Plat). I think in some areas these are referred to as “Site Condos” and my understanding is you would use the1004 form and not the condo form 1073.

• If you can help me understand better what Horizontal and Vertical Property Regimes are?
• Is this property is a Condo or SFR by Arizona Standards?
• What form it should be on 1004 or 1073


This is my first post, I read here from time to time. Thank You for any help and Merry Christmas!

-----Below is some info concerning the property-----

Here’s a link to the Plat Map:

http://156.42.40.50/PlatTif/824/824P1908.tif

This is the legal description of a property in the same subdivision:

UNIT 88, OF BAILEY COMMONS CONDOMINIUM AMENDED, A CONDOMINIUM AS CREATED BY THAT CERTAN DECLARATION RECORDED AS 2006-0179473 OF OFFICIAL RECORDES AND FIRST AMENDMENT RECORDED AS 2006-0483051 OF OFFICIAL RECORDS, AND SHOWN ON THE PLAT OF SAID CONDOMINIUM AS RECORDED IN AS BOOK 824 OF MAPS, PAGE 19, IN THE OFFICE OF THE COUNTY RECORDER OF MARICOPA COUNTY, ARIZONA.

In the first Declaration that was recorded 2006-0179473 it states:

2.5 Unit Boundaries: The vertical boundaries of each unit are vertical planes extending upward and downward from the boundary lines of the unit as shown on the Plat. The units do not have any horizontal boundaries….

2.6 The undivided interests in the Common Elements and in the Common expenses is allocated equally among the units. Thus, each unit is allocated a 1/24th undivided interest in the common Elements and the common expenses. The Fraction of undivided interest of each unit in the common elements shall be an undivided interest, and common elements shall be owned by the unit owners as tenants in common in accordance with their respective fractions of undivided interest…..

Here’s a link to the full Declaration that was recorded 2006-0179473:

http://156.42.40.50/UnOfficialDocs/pdf/06-0171473_1.pdf
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  #2  
Old 12-22-2006, 03:44 PM
jason rhoades's Avatar
jason rhoades jason rhoades is offline
 
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Location: Plano
State: Texas
Professional Status: Certified Residential Appraiser
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For some reason the links you posted aren't working so I wasn't able to see the plat. The legal description looks pretty straight forward to me. Sounds like a condo.
  #3  
Old 12-22-2006, 03:57 PM
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Chris Colston Chris Colston is offline
 
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Location: East Central Florida, Space Coast
State: Florida
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The project has CONDOMINIUM in its name. The docs state they are CONDOMINIUM DOCs. Walks like, smells like, looks like....I'd say its a condominium and should be completed on the condo form.

Quote:
Here’s a link to the full Declaration that was recorded 2006-0179473:

http://156.42.40.50/UnOfficialDocs/pdf/06-0171473_1.pdf
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  #4  
Old 12-22-2006, 03:57 PM
Isaac Marcelo's Avatar
Isaac Marcelo Isaac Marcelo is offline
 
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State: Arizona
Professional Status: Licensed Appraiser
Posts: 5
Default Just checked the links they work?

Both links work, you could try right clicking and Save Target As...

The first link opens in Quick time it's a tif formated picture and the second is a PDF Document.

Wow, 2 posts in like 6 months!!! I'm movein on up!

Last edited by Isaac Marcelo : 12-22-2006 at 04:11 PM. Reason: for fun!
  #5  
Old 12-22-2006, 03:59 PM
Isaac Marcelo's Avatar
Isaac Marcelo Isaac Marcelo is offline
 
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Can you guys explain Vertical and Horizonatal boundaries, Please
  #6  
Old 12-22-2006, 05:34 PM
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Pamela Biggers Pamela Biggers is offline
 
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Location: Tucson, AZ
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Essentially, think of it this way.

Vertical Regimes are essentially a means of assigning the rights of a single "vertical plane" sliced section (floors) of a condominium.

The "vertical boundaries" are a means to describe the interest above another units interest. With Condominiums, you do NOT have the complete ownership (center of earth to the sky minus easements and rights of use and government exclusions) that you have in a traditional property. You essentially own "from the paint inward" and do not even own the walls, themsleves (at least those which define the exterior HORIZONTAL bounds). Because of this, there can be multiple owners in the same physical space (generally vertical, such as second floor units). The Vertical limits define the ownership interest in their position.

Horizontal Regime is essentailly a means of saying "all are equal on the same horizontal plane," meaning each owner has equal interest.

However, in condominiums, while this is initially set in place for legal purposes, a horizontal regime may be terminated by the CC&Rs.

Now, while there are some federal codes regarding this type of ownership, many states have their own definitions and enforecements of horizontal property regimes. best thing to do is do a google search on "what is a ..." I found a few, but I could spend years sorting through them.

Bottom line: It Is a condominium anytime these exist in a project or legal description in Arizona.

Hope this helps.
  #7  
Old 12-23-2006, 01:36 AM
Isaac Marcelo's Avatar
Isaac Marcelo Isaac Marcelo is offline
 
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Quote:
Originally Posted by Isaac Marcelo


The vertical boundaries of each unit are vertical planes extending upward and downward from the boundary lines of the unit as shown on the Plat. The units do not have any horizontal boundaries….
That's whats weird about this project, They own the roof, walls, exterior walls, and lot. It's more than a typical condo: Paint to Paint


A Typical Condo in Arizona would say "Whereas, Declarant executed and caused to be recorded the Declaration of Horizontal Property Regime and Declaration of Covenants, Conditions, and Restrictions for Hunters Point Condominiums, a Horizontal Property Regime of Maricopa County, Arizona, recorded at Docket number 84-162895, of the Records of Maricopa County, Arizona Recorder, as amended by that Certificate of Amendment to Declaration of Horizontal Property Regime and Declaration of Covenants, Conditions, and Restrictions........

Can a property be considered a condo if they own exterior/interior, Roof and lot? This Property does not have a Declaration of Horizontal Property Regime is it still considered a Condo?

I've never seen a Condo in AZ that owns the lot and exterior has anyone else?

What could I request from title to verifiy that it's a condo?
  #8  
Old 12-23-2006, 01:47 AM
Isaac Marcelo's Avatar
Isaac Marcelo Isaac Marcelo is offline
 
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Default

It's a Detached property Here's a picture of some of the comparables in the same project:
Attached Images
File Type: jpg 120814.JPG (53.2 KB, 46 views)
  #9  
Old 12-23-2006, 04:52 AM
Marcia Langley's Avatar
Marcia Langley Marcia Langley is offline
 
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Isaac,

Regarding which form you should use, the AZ definition is not a big issue rather Fannie Mae guidelines apply.

The property is a condo as indicated by it's declaration. Fannie guidelines determine which form you should use.
  #10  
Old 12-23-2006, 07:39 AM
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Couch Potato Couch Potato is offline
 
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Arrow Poll is flawed.

The poll lacks the best choice IMHO, Its a condo, but use the 1004 with condo addendum.
Quote:
Fannie Mae Single Family
Selling Guide
Part XI: Property and Appraisal Guidelines
XI, Chapter 3: Special Appraisal Considerations (06/30/02)
XI, 301: Units in Condominium Projects (06/30/02)

However, we will accept appraisals of detached condominium units on the Uniform Residential Appraisal Report (Form 1004), if the appraiser includes an adequate description of the project and information about the owners' association fees and the quality of the project maintenance.
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