Condo or not

[23Degrees]

In the county where I work, the plat map will cite "airspace" as associated with the legal description. I recall settling at least one argument with that. Perhaps that is something to check where you are located.

 

[Ken B]

A good read.

http://www.library.ca.gov/crb/98/06/98006.pdf

 

[apprzr951]

Doesn't matter which form you put it on. In a week you'll get a call to put it on the other form regardless of which one you start with.

That's one of my concerns....

 

[Groveball]

I have this conversation often with homeowner's more than I would like. I tell them that 'Condominium' is a type of ownership and not a property type. There are more and more detached condominiums around (as the developer gets higher density usaege when they build out). They look like SFR's and are often marketed as SFR's but they are condominiums. There is a development in Bel Air built in the 70s that are detached condominiums. They go for 800k to over a million...the owner's hate to admit they are condos.

Most lender's want you to put detached condos on an SFR form as they are 'Site' condominiums and are substituted for in the marketplace by detached SFR's more so than other attached condos.

As far as determining the legal use (condo/SFR). Prelims are best, but you can't always get one on short notice (especially if you set up files late at night like I do). The Plat Map will match the prelim even though the property profile doesn't. If the Plat Map notes Condominum Tract # or Unit # anyshere..then it's a condo. As noted by other posters...Lot # typically denotes an SFR in California.

 

[MKBURNETT]

In San Diego Cty, the plat map typically states Codominium and has numbers for the last part of the apn and not 00. It also states US # 00, but the description even for a condominium still has lot and block or lot and map. In the old days we would have the loan officer give us the phone number to the title company they already had ordered the prelim and they would fax (really long time ago) the legal description. Give note to AMC you need the title company phone number or a copy of legal in prelim before you can proceed.

 

[Mike Garrett RAA]

I guess we have it really good out here in the wild west...

Legal description says it all.....Condo Unit 123. If it says Lot 1, Blk 1, Springs Dump...it's not a condo.

 

[TrioAppraisals Group]

I would want to see the title report firsthand. They may be trying to get you to complete on a 1004 if it is a condo and the project is not FHA approved. In Orange County for some reason all condos have APN's that start with 93.

 

[CATaxAssessor]

Based on that piece of that legal description you showed, it is a SFR. A condo legal description would read something like : CM (Condo Map) zzz/zzz Unit zzz (Not Lot zzz) with an 1/45th interest in common etc. In that description, MB stands for Map Book and the first three numbers are the assessors book number. The next three numbers are the assessors page numbers.

 

[residentialguy]

Based on that piece of that legal description you showed, it is a SFR. A condo legal description would read something like : CM (Condo Map) zzz/zzz Unit zzz (Not Lot zzz) with an 1/45th interest in common etc. In that description, MB stands for Map Book and the first three numbers are the assessors book number. The next three numbers are the assessors page numbers.

Excellent! Glad to have a CA Assessor on the forum! Welcome!!!

 

[CATaxAssessor]

Thank you residentialguy. I have been on the forum for several months now but have only made a few posts. I do like reading everyone's opinions on here on various issues. I can't say as though I agree with all of the opinions, but I have learned a lot none the less.