• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Condo Or Townhouse ?

Status
Not open for further replies.

Viking

Junior Member
Joined
Nov 18, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
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!
 
D

Deleted member 134708

Guest
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

Junior Member
Joined
Nov 18, 2006
Professional Status
Certified Residential Appraiser
State
Minnesota
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.
 

Ida S. Romo

Senior Member
Joined
Oct 13, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
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
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
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

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
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

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
form of ownership vs. construction design
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks