Condo or SFR ?

[ZZGAMAZZ]

Subject is an attached dwelling unit with the following legal description per Reallist:

TRACT 10486 LOT 13 TRACT 10486 LOT 13 AND INT IN COMMON AREA AS PER RECORD AND PURSUANT TO SEC 2188.5 OF REVENUE AND TAXATION CODE

CRMLS listing describes it as a condominium.
HOA management company describes in as a condominium with the CC&R's being sent to me.
City/County "Land Use" is condominium.
Lender provided a Title Report that describes the property as a Single Family Residence, although a link in the Title report is to the Deed that includes a Condominium Rider.

In my experience both a Title Report and the jurisdictional perspective are incompatible with appraisal reality.

Lender requires a 1004 but I prefer a 1073.

Condo or SFR?

 

[glenn walker]

Legal describes a SFR and if attached would normally be an attached SFR Townhouse design with a HOA which Realtors often list as Condos.

The Key is Lenders require a Condo Certification to fund a Condo but not on Attached SFR Pud even though both may have a HOA.

 

[Mike Ault]

Subject is an attached dwelling unit with the following legal description per Reallist:

TRACT 10486 LOT 13 TRACT 10486 LOT 13 AND INT IN COMMON AREA AS PER RECORD AND PURSUANT TO SEC 2188.5 OF REVENUE AND TAXATION CODE

CRMLS listing describes it as a condominium.
HOA management company describes in as a condominium with the CC&R's being sent to me.
City/County "Land Use" is condominium.
Lender provided a Title Report that describes the property as a Single Family Residence, although a link in the Title report is to the Deed that includes a Condominium Rider.

In my experience both a Title Report and the jurisdictional perspective are incompatible with appraisal reality.

Lender requires a 1004 but I prefer a 1073.

Condo or SFR?

Sounds like a SFR in a planned unit development to me.

 

[J Grant]

In my county, the legal description includes the word "condo" - found in tax records or public records.

There is typically no lot size included in a legal description of a condo.

 

[glenn walker]

In the Counties ZZZ works the Realist is reporting how property is Assessed for taxes not ownership so most often Attached SFR Units in a Pud are listed as Condo.

The other key is on a Title Report there will be a PUD Rider attached so ask lender it won't show on most Realist. When running comps in our MLS 90% of Realtors think anything attached is a condo even owners think they live in a condo.

 

[J Grant]

MLS listings are not a reliable source for determining a condo.

However, public records and tax records do not have an ignorant RE agent involved. The tax records/public records, which will state condo (or not) in a legal description, are reliable.

 

[Surf Cat]

Lender requires a 1004 but I prefer a 1073.

Condo or SFR?

What does the plat map state?

 

[ZZGAMAZZ]

In the Counties ZZZ works the Realist is reporting how property is Assessed for taxes not ownership so most often Attached SFR Units in a Pud are listed as Condo.

The other key is on a Title Report there will be a PUD Rider attached so ask lender it won't show on most Realist. When running comps in our MLS 90% of Realtors think anything attached is a condo even owners think they live in a condo.

Good point in fact Every property in this development was listed on CRMLS as "townhouse." So I asked CRMLS customer service to reequire a "legal type" field as well as a design field.

 

[ZZGAMAZZ]

What does the plat map state?

Nothing about condo or SFR
And the legal descrptoin i posted above doesn't hint at either. I'm waiting on the HOA to send the CC*&R's,

 

[Surf Cat]

Nothing about condo or SFR
And the legal descrptoin i posted above doesn't hint at either. I'm waiting on the HOA to send the CC*&R's,

Really? Plat maps typically specify each parcel's land use and zoning....