Condo Or Townhouse ?

[Viking]

There seems to be confusion without end between condo vs townhouse when a lender orders an appraisal. As far as I'm concerned, if the Legal has a Unit # as well as a CIC # it is a condo. End of story. Then the lender wants to switch back AGAIN saying it's taxed as a townhouse so we want 1004. There are no site dimensions because there is condo ownership!

 

[Howard Klahr]

Condominium is a form of ownership. Townhouse is an architectural style. It may even be both. Is there a declaration of condominium?

 

[Deleted member 134708]

Shouldn't be any confusion. Condo is ownership. Townhouse is a style.

Inform them their instructions said to put condo on 1073 form and SFR on 1004 form. You followed their initial instructions.

Inform them you will be happy to report it on a second form (1004) for an additional $250.

 

[Viking]

Subject is a townhouse style condo unit because there is a unit # and a CIC #. So I answered my own question unless I'm missing something. It's just so frustrating and time consuming to have to deal with this again and again. No lot dimensions because of common ownership.

 

[CANative]

The first thing I do on every assignment is tell the client/lender/AMC to provide a preliminary title report.

 

[Ida S. Romo]

I am not familiar with Minnesota Real estate rules/laws etc .... In Illinois the key is how the owner's association documents are titled ... If the docs are titled "Sunnyside Homeowners Association" they are generally considered single family attached and/or detached. On the other hand ... If the association documents are titled "Sunnyside Condominium Association" It is a condo.

The lender should have a copy of the owner's association docs ... Ask how the docs are titled.

The following link is an example of a detached single family home that is(in fact) a condominium.


http://www.cookcountyassessor.com/Property.aspx?mode=details&pin=3173020761026

 

[Howard Klahr]

So I answered my own question unless I'm missing something.

You have still NOT answered if there is a declaration of condominium. That IS the definitive answer

 

[TRESinc]

I am not familiar with Minnesota Real estate rules/laws etc .... In Illinois the key is how the owner's association documents are titled ... If the docs are titled "Sunnyside Homeowners Association" they are generally considered single family attached and/or detached. On the other hand ... If the association documents are titled "Sunnyside Condominium Association" It is a condo.

same thing in ohio. all HOAs have to be registered as a business with the state, and the docs they file must state if they are a condo or not. as far as owning a lot, typically it is true that a condo does not own a specific lot but rather a percentage of the entire association, but that is not always the case. that's why it is important to check with the docs filed with the state.

 

[Mike Kennedy]

There seems to be confusion without end between condo vs townhouse when a lender orders an appraisal. As far as I'm concerned, if the Legal has a Unit # as well as a CIC # it is a condo. End of story. Then the lender wants to switch back AGAIN saying it's taxed as a townhouse so we want 1004. There are no site dimensions because there is condo ownership!

Minnesota CIC - Specialist-Attorney
http://finance-commerce.com/2011/12/legal-matters-condotownhome-living-can-lead-to-unusual-disputes/

 

[miktay]

form of ownership vs. construction design