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Condo or Multifamily?

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Gerry Sauceda

Thread Starter
Sophomore Member
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Professional Status
Certified Residential Appraiser
State
Texas
I am doing a review on a condo appraisal. This is a new construction property that looks like a typical 4 unit 2 story multi family. Sales in the subdivision are listed as Multi-family (all 4 units being sold), not condominium. I have called the city and county offices and they cannot verify if this property is a condominium. Ususally I will pull up the condominium instrument on the online deed records attached to the property, but there is none for this one.
My last resort is the HOA - but they have been unavailable the last couple days. My question is - doesn't condominium ownership need to be recorded publicly (county clerk)? How else can I find the document that states this is a condominium ownership and not a multifamily?
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
What is the legal description in the deed for the subject?
 

leelansford

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Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I am doing a review on a condo appraisal. This is a new construction property that looks like a typical 4 unit 2 story multi family. Sales in the subdivision are listed as Multi-family (all 4 units being sold), not condominium. I have called the city and county offices and they cannot verify if this property is a condominium. Ususally I will pull up the condominium instrument on the online deed records attached to the property, but there is none for this one.
My last resort is the HOA - but they have been unavailable the last couple days. My question is - doesn't condominium ownership need to be recorded publicly (county clerk)? How else can I find the document that states this is a condominium ownership and not a multifamily?


You have not stated why you are seeking this information, but assuming that it is for an opinion of MV for some unknown use and user, have you communicated with your client regarding this matter?
 

JENIFFERW

Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
Does each unit have it's own parcel number? Have you looked at the plat map? Are there lot dimensions on the plat map? Does the plat map say condominiums? If you are saying you cannot get a plat map or public records, I would ask my client for a copy of the preliminary title report before I went any further.
 

Lost Cause

Senior Member
Joined
Sep 17, 2004
Professional Status
Certified General Appraiser
State
New York
Unlikely, But Could Be Both

The property in question is probably too small for this, but it is entirely possible for a property to be both multifamily and a condo. I have appraised any number of high-rise apartment buildings where the building has been split into two (or more) condos, one (or more) of which being a multifamily residential. But again, that would seem unlikely in something as small as the OP's property.
 

Gerry Sauceda

Thread Starter
Sophomore Member
Gold Supporting Member
Joined
Jul 4, 2003
Professional Status
Certified Residential Appraiser
State
Texas
Does each unit have it's own parcel number? Have you looked at the plat map? Are there lot dimensions on the plat map? Does the plat map say condominiums? If you are saying you cannot get a plat map or public records, I would ask my client for a copy of the preliminary title report before I went any further.

I have the plat - it is a simple lot and block description with typical rectangular lot dimensions. The lot is not divided. The units are not yet recorded by the county (new construction).
 

JENIFFERW

Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
Tell the client you need the prelim.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Gerry Sauceda said:
The units are not yet recorded by the county (new construction)

In order for the developer to sell units the declaration has to be filed first. What is the legal description on the purchase contract?
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Call the title company that is involved in the transaction. Ask for a title OFFICER and then ask that person how it is being insured....as a condo or a 4 plex(multi-family). You will need the title order number, not the escrow number.
 

Gerry Sauceda

Thread Starter
Sophomore Member
Gold Supporting Member
Joined
Jul 4, 2003
Professional Status
Certified Residential Appraiser
State
Texas
This is going through an AMC. I'm letting them do all the leg work. Waiting for the title.
 
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