Condo or a PUD?!

[wrhsehajh]

I was under the impression that having a lot and a legal referring to said lot was a slam dunk in knowing the difference between a townhome style home being either PUD or a Condo ownership. However!! Have one on my desk that has a lot and legal with a lot number stated, and has a master deed referring to the property as a "Horizontal Property Regime" and through out the Articles refers to the development as "this Condominium" and ""Cause of action or asset of the Condominium or the Association".

Does the document prove as a condo, or does the site and legal prove as a PUD...or can both be true somehow?! Appreciate the feedback and knowledge

 

[glenn walker]

The master deed norm

I was under the impression that having a lot and a legal referring to said lot was a slam dunk in knowing the difference between a townhome style home being either PUD or a Condo ownership. However!! Have one on my desk that has a lot and legal with a lot number stated, and has a master deed referring to the property as a "Horizontal Property Regime" and through out the Articles refers to the development as "this Condominium" and ""Cause of action or asset of the Condominium or the Association".

Does the document prove as a condo, or does the site and legal prove as a PUD...or can both be true somehow?! Appreciate the feedback and knowledge

The Final Master Deed normally controls but you can have a PUD within a Condo Project or a Condo within a PUD Development, Sounds like yours was changed maybe at a later date to a condominium ownership maybe by a vote from the HOA assocation . I would need a Title Report to know for sure and I would advise the client and see if their Underwriter can confirm with the Title Company before I completed it.

 

[Ariba]

Does the document prove as a condo, or does the site and legal prove as a PUD...

PUD

 

[Tiffany Gibbons]

I was under the impression that having a lot and a legal referring to said lot was a slam dunk in knowing the difference between a townhome style home being either PUD or a Condo ownership. However!! Have one on my desk that has a lot and legal with a lot number stated, and has a master deed referring to the property as a "Horizontal Property Regime" and through out the Articles refers to the development as "this Condominium" and ""Cause of action or asset of the Condominium or the Association".

Does the document prove as a condo, or does the site and legal prove as a PUD...or can both be true somehow?! Appreciate the feedback and knowledge

Does the assessor have a lot size and a land value for it? Look up the GIS and see if all the "lots" are actually on the same common area. In Middle Tennessee, Horizontal Property Regimes are treated as the condominium form of ownership.

 

[jay trotta]

I was under the impression that having a lot and a legal referring to said lot was a slam dunk in knowing the difference between a townhome style home being either PUD or a Condo ownership. However!! Have one on my desk that has a lot and legal with a lot number stated, and has a master deed referring to the property as a "Horizontal Property Regime" and through out the Articles refers to the development as "this Condominium" and ""Cause of action or asset of the Condominium or the Association".

Does the document prove as a condo, or does the site and legal prove as a PUD...or can both be true somehow?! Appreciate the feedback and knowledge

IMO; it had to be approved via PZC, do not pass Go, you will not be able to collect $200 - but you will or should be able confirm how it was approved. Never Heard of a "Horizontal Property Regime"
and have no comment on that part.

Key Words; Master Deed - this Condominium and cause of action or asset of the Condominium Association ....hmm

 

[DWiley]

Does the assessor have a lot size and a land value for it? Look up the GIS and see if all the "lots" are actually on the same common area. In Middle Tennessee, Horizontal Property Regimes are treated as the condominium form of ownership.

I have appraised many HPR properties in the market that are not condos. It all comes down to what the master deed says, and often it comes down to the definitions in that MD. A few years back I did two over in the Green Hills area. Builder bought two lots and HPR both of them, but used two different attorneys top set up the docs. All four units were basically identical, but two were condo and two were PUD. Tax assessor had recorded lot sizes on all of them, even the condos. Lender had a fit over that one.

 

[Tiffany Gibbons]

I have appraised many HPR properties in the market that are not condos. It all comes down to what the master deed says, and often it comes down to the definitions in that MD. A few years back I did two over in the Green Hills area. Builder bought two lots and HPR both of them, but used two different attorneys top set up the docs. All four units were basically identical, but two were condo and two were PUD. Tax assessor had recorded lot sizes on all of them, even the condos. Lender had a fit over that one.

I only do VA's, and their attorneys usually classify as condo even if there are lot sizes unless GIS shows separate parcel, especially if the deed refers to condominium association throughout. I found out the hard way and had to redo one on the condo form. But I'm sure you know more about it than I do. I used to do Davidson county and some ARE different, especially on the tall and skinny attached units. I would just make sure what form is required is all I'm saying.

 

[DWiley]

I only do VA's, and their attorneys usually classify as condo even if there are lot sizes unless GIS shows separate parcel, especially if the deed refers to condominium association throughout. I found out the hard way and had to redo one on the condo form. But I'm sure you know more about it than I do. I used to do Davidson county and some ARE different, especially on the tall and skinny attached units. I would just make sure what form is required is all I'm saying.

The advantage in Davidson County is that the county GIS system includes the master deed. My experience in Davidson County resulted in me always getting and reading that doc. I just wish the surrounding counties offered similar doc access.

 

[Tiffany Gibbons]

The advantage in Davidson County is that the county GIS system includes the master deed. My experience in Davidson County resulted in me always getting and reading that doc.

Yes, the big jurisdictions always have that information because they have staff. I worked for Shelby County for 9 years and we had a great mapping department. Smaller counties that grown very quickly like Wilson and Rutherford don't have the manpower to keep up since the county commissions won't grant higher salaries to county assessor, register, and GIS staff so it is hard for them to attract staff and the current employees that have decent pay are bogged down in frivolous tax appeals constantly.

 

[sputnam]

What the heck is a 'horizontal property regime'?