Question about Condo-ownership Twinhome

[Eric C]

If you have a twinhome under condo ownership and the whole project is just the 2 units attached, who owns the land? If there is no association or management company, there is no HOA fee or anything. If the owner only owns the air-space then who owns the land?

 

[Wachiwi]

If you have a twinhome under condo ownership and the whole project is just the 2 units attached, who owns the land? If there is no association or management company, there is no HOA fee or anything. If the owner only owns the air-space then who owns the land?

walk away from that one. the lender probably wont lend on it anyway.
check the plat and see if there is actually a lot. if there is one, then you have SFR attached. if no lot and is a condo, walk away from it, this is grief in the making

 

[Joyce Potts]

How does your legal description read?

 

[Joyce Potts]

Are you talking about attached 'townhomes' that are zoned condo throughout downtown Orlando, College and Winter Park?

 

[Eric C]

The legal description reads

"_____ ______" Condo Unit A undiv 50% int in common elements.

 

[Eric C]

Are you talking about attached 'townhomes' that are zoned condo throughout downtown Orlando, College and Winter Park?

Well Im in Miami, its practically a townhome style under condo-ownership. but its a twin-home. I'm doing it in the condo form but I was just wondering myself since they don't have any hoa fees or anything.

 

[Joyce Potts]

Well Im in Miami, its practically a townhome style under condo-ownership. but its a twin-home. I'm doing it in the condo form but I was just wondering myself since they don't have any hoa fees or anything.

We have these throughout Orlando. They came about as the downtown areas became 'hot' locations. Builders were buying up the older, obsolete SFR on decent size lots that were zoned R-2, razing the improvements, re-zoning it to 'condo' and building attached townhomes. Higher density and higher profits.

You're on the right track, IMO. Just write an addendum explaing the scenario and let the lender make the call.

 

[Elliott]

I once did a property that was a duplex on a 50x100....but the
zoning wouldn't allow a duplex on a 50x100....so they made it
a two unit condo. Who owns the land? The land is owned by
in its entirety by the condominium association, just like a real
condo.

 

[Joyce Potts]

If you have a twinhome under condo ownership and the whole project is just the 2 units attached, who owns the land? If there is no association or management company, there is no HOA fee or anything. If the owner only owns the air-space then who owns the land?

Eric,

Just because there is no 'formal' condo association as what you're used to dealing with, doesn't negate the fact that the land underneath isn't still owned by the 'condo association'. The 'condo association' comprises two owners. I think in think in this instance each homeowner owns a 1/50th of the land. It can be an ambiguous concept. That said, my suggestion is to simplify it.

Again, describe the scenario and hopefully you have similar comps. That said, look to the functional utility in choosing comps, not just the 'condo' ownership. In other words, I wouldn't restrict my comp selection of what may physically appear to be nearly identical properties, but is not owned as a 'condo', but as a SFR that owns the land underneath.

Make sense?

 

[Don Clark]

We have hundreds of them in my market. Each unit owner owns the improvements and the land in their 50% of the entire condo. We also have 3 unit condos, as well as many 4 unit condos that use to be duplex, triplex and 4 plex properties. Remember:

A Condo is a form of ownership. not an archetectural style.