Townhouse vs Condo

[glenn walker]

Each State has its own Real Estate Laws

 

[Carnivore]

Stop using Town Home as the form of ownership. One is a Condo, The Other is a Semi-attached SFR One goes on a FNMA 1004 the other goes on the FNMA 1073

Legal Descriptions UNIT 33 BLD9 U/F 486 versus L6051 M41-963

 

[TerryRohrer]

(18) "Townhome" or "townhouse" means property that is owned subject to an arrangement under which persons own their own units and hold separate title to the land beneath their units, but under which they may jointly own the common areas and facilities.

The above is their own proxy use of the word townhome/townhouse for a property located in a PUD. Which is a property where the unit is owned with title to the land under the unit ( though in most areas it is one deed , not separate title ) and yes in a PUD the unit owners also own a % common are interest.

Why they grouped that under Condominiums I cant' say. Could just be incompetence on their part of laziness.

A townhouse or any style property in a PUD gets appraised on a 1004 form, not a 1073 condo form - it would be on a condo form if the legal ownership in the deed/conveyance is a condo.

It is a long and involved story, based in the greed and crookedness of real estate players that had to be resolved by the legislature after they ignored it for a couple of decades. But the underlying fact is that, based on that definition, it is a form of ownership. Regardless of where it is or what it might mean elsewhere. It isn't a "proxy use." It is a statutory definition that has legal ramifications. And it is not limited to properties in a PUD. The specific site (the land beneath their units) on which the "unit" rests is often never legally defined as a specific tract of land that is normally platted with dimensions and directions and all that. It is a subdivision by the stroke of a pen, rather than by subdivision. I'm not trying to make the case that this is typical. But the fact remains that the old rule of thumb/notion that "townhouse is a style" is universally accurate is demonstrably false.

 

[TerryRohrer]

Stop using Town Home as the form of ownership. One is a Condo, The Other is a Semi-attached SFR One goes on a FNMA 1004 the other goes on the FNMA 1073

Legal Descriptions UNIT 33 BLD9 U/F 486 versus L6051 M41-963

View attachment 69972View attachment 69973

So you haven't actually read any of the posts before yours? If your statue were changed tomorrow to include the definition of a townhouse that was not the equivalent of the definition of a condo, would you ignore statute and continue to obey AF opinions?

If "a townhouse is a type of property that is owned subject to an arrangement" doesn't signify a form of ownership, what does that phrase mean? I will accept that somewhere else, or anywhere else, you may be right. What defies all logic is that you or anyone else, without actually reading the facts, can opine as to what is accurate somewhere else! Clearly, this place has become just another Facebook page where you come to chat rather than to learn anything about appraising!

 

[TerryRohrer]

Each State has its own Real Estate Laws

It simply amazes me that that must be stated, and yet it doesn't matter to some! It never sinks in.

 

[J Grant]

It simply amazes me that that must be stated, and yet it doesn't matter to some! It never sinks in.

Each state has its own RE laws, which does not change ownership from fee simple into something else or condo ownership into something else or leasehold into something else.

State laws or municipal laws address zoning, set backs, judicial for enforcement or taxation.

 

[TerryRohrer]

Each state has its own RE laws, which does not change ownership from fee simple into something else or condo ownership into something else or leasehold into something else.

State laws or municipal laws address zoning, set backs, judicial for enforcement or taxation.

And types of ownership. What, you think condo ownership is a pronouncement by God that applies anywhere man exists? I don't try to mislead others by assuming what their laws say, but I understand them here. There is a complete statute that defines condos and condo ownership and all that is related to it. Prior to passage of that law in the 1960s, there was no legal form of ownership in Montana that was a condominium. I would submit that that was the same in every state of the Union prior to the passage of a condo law. The Declaration of Unit Ownership here is identical between a condo and a townhome except in the definition of unit. One is appraised as fee simple, the other is appraised as a condo.

"The first condominium law passed in the United States of America was in the Commonwealth of Puerto Rico in 1958. In 1960, the first condominium in the continental U.S. was built in Salt Lake City, Utah."

 

[Bob Ipock]

1. (5) "Condominium" means the ownership of single units in a multi-unit structure with common areas and facilities. (6) "Declaration" means the instrument, duly recorded, by which the property is submitted to the provisions of this Article, as hereinafter provided, and such declaration as from time to time may be lawfully amended.
   File Size: 195KB
   Page Count: 12
   

   Chapter 47A. Unit Ownership. § 47A-1. Short title. § 47A-2. Declara…​

   
   ncleg.net/EnactedLegislation/Statutes/PDF/ByChapter/Chapter_47A.pdf

 

[Terrel L. Shields]

which does not change ownership from fee simple into something else

I don't think Louisiana recognize "fee simple" per se. They operate under French code. Most of their laws are based on Civil Code, not Common Law (precedent)

 

[TerryRohrer]

1. (5) "Condominium" means the ownership of single units in a multi-unit structure with common areas and facilities. (6) "Declaration" means the instrument, duly recorded, by which the property is submitted to the provisions of this Article, as hereinafter provided, and such declaration as from time to time may be lawfully amended.
   File Size: 195KB
   Page Count: 12
   

   Chapter 47A. Unit Ownership. § 47A-1. Short title. § 47A-2. Declara…​

   View attachment 69979
   ncleg.net/EnactedLegislation/Statutes/PDF/ByChapter/Chapter_47A.pdf

Would you agree that the above matters a lot in North Carolina, but doesn't have any bearing whatsoever on any property outside the state of North Carolina?