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Condo or zero lot line property?

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wyecoyote

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Ok this is an easy one but must be to stressed out to figure out all that sleep deprevation. :oops:

The HOA's association is responsible for exterior maintenace of the units windows, doors, roofing, siding, painting. The Homeowners own the land under the unit (Townhouse style)22 feet by 73 feet legal lot (non conforming) in the event of fire the HOA's will redo the windows, siding, doors, and roofing homeowner, responsible for interior and any resultant framing. The question is should I do on a URAR form or a Condo/Co-Op form. I have completed similar townhouse with small lots on a URAR where the covenants were not responsible for any maintenace of the unit and HO's were equally responsible for the common wall.

I know that this is an easy answer but hey it's friday and can't think right now. :oops:

Ryan
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Sounds like a Condo to me. That's the form I would use. Asking the lender is always a good idea.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
What are the supporting Doc's - Condo or PUD??? seems that would save your mind and meet the required form to be used*

Good Luck - hope Monday is better for you!!
 

Ray Ohler

Sophomore Member
Joined
Jan 15, 2002
In PA, if the homeowners have title (exclusive) to the underlying land it is probably fee simple ownership encumbered by HOA agreement. In a condo, all the land is held by the condo association and the individual unit owners have a percentage interest (common elements and limited common elements). A lot of times the HOA will retain the rights for exterior maintenance for a few reasons. One is so they don't have orange doors, pink siding, black shingle roofs (rooves?) next to white shingles and so on. NOW, if I was cynical, I COULD say the another reason is so that they can "manipulate" the books when it comes to getting "certain" contractors to perform the work. But I WON'T say that. :lol:
 

Pat Butler

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
In my state of Illinois, that could be answered by looking at the chain of title. Every condo has to have a declaration of condominium recorded for the entire project. A title report would show that document for the subject property. I would think the answer to your question could be answered by looking at a title report...

Pat
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
8)

A Condo is a form of ownership, not a style of archetecture. In my part of the country we have high rise condos, single family detached condos with their own lot, manufactured homes where each double wide is a condo unit, condo boat docks, parking places, high rise hotels where each room is a condo unit for rent on a daily basis to the public, etc,etc,ad infinitum, ad nauseeum.

They all have one thing in common, they are condo units as a form of ownership with condo documents recorded in the public record. We even have condos that are actually a duplex, the entire condo consist of the 2 units, no condo fees.

Look to the public record to always define whether it is a condo or not.

Don
 

Will Granger

Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
PUD. If the legal description says Lot "x" you can think PUD. If the legal says Unit "x" you're probably doing the condo to some type of Latin beat. You want Fridays wi' dat?
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
8)

Will:

Hate to bust your bubble :oops: but, I just did a new construction condo, single family detached, on "Lot 63", plat of XXXX Condominium. A Condo is a form of ownership, not an archetectural style or a legal description.

Don
 

Will Granger

Sophomore Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Don,
Wow! You have burst my bubble. You are saying you appraised a single family detached home with lot ownership which is classified as a condo? Hm-m-m-m-m. I'll go along with that. I would call that a PUD for lack of knowing anything else. Well, the more things change, the more they change.
:oops:
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
8)

Will:

After 65.5 years I have learned to never say never. I have a full set of condominium documents(weigh almost a pound), City records describing the condo, a contract, and a listing. However, it is also ver confusing to everyone here as well. But, bottom line is ----a condo is a form of ownership. We have one are, been built out over 20 years, of huge 1 & 2 story homes over $500,000 in value(which is rather pricey except for waterfront property in this area) where each house and lot(lots are about 14-18,000 sq ft) are condo units. We probably have about every variation available regarding condos in this area including condo ownership of boat slips, and parking spaces. Also have double wides that are each a condo unit in a manufactured home park. Go figure!

Don
 
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