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Condo Or ?

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ratherbefishing

Freshman Member
Joined
Dec 6, 2013
Professional Status
Licensed Appraiser
State
Nevada
Frustrated with county, bank and title company...legal descriptions in my county are sometimes misleading...a multi-unit where legal says Lot 16, together with 1/46th interest in and to common areas of Lots A,B and C designated as common areas on said 'subdivision'...no dimensions on the plat, attached units, HOA. I have several appraisals on other units in same development, all done on a 1073 Condo form with no issues...latest one done on 1073 Condo form has been kicked back by bank, requesting it on a 1004 URAR...Condominium definition (Society of RE Appraisers, Real Estate Appraisal Terminology) seems to indicate this property is definitely a condo...input and comments, please...thanks!
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Suggest posting the name of the subdivision/development, it's location, and governing municipality - "county". Does the county's zoning permit PUD developments improved with attached, semi-detached Towhhouse units with individual lot ownership plus common interest ownership in community recreation elements? Building Dept. report any individual lot surveys? More info please........

NEVADA
NRS 116 – UNIFORM COMMON-INTEREST OWNERSHIP ACT

Nevada Revised Statutes (NRS) are laws that are enacted by the legislature. NRS 116 includes laws that govern common-interest communities (including HOAs). Changes to these laws may only be made through legislative action.

http://www.leg.state.nv.us/NRS/NRS-116.html

NAC 116 – MANAGEMENT OF COMMON-INTEREST COMMUNITIES

Nevada Administrative Codes (NAC) are the regulations that outline how laws are administered. Changes to regulations are preceded by workshops and public hearings.

http://www.leg.state.nv.us/NAC/NAC-116.html

source: http://communityassociations.net/resources/state-laws/
 
Last edited:

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
The lines between condos, townhomes, co-ops and planned unit developments (PUD) can get blurry. Here’s the definition of PUD and what you need to know before you buy PUD real estate.

A Planned Unit Development (PUD) is a community of homes that could look like single family residences, town homes or condos, and can include both residential and commercial units, but on paper, they’re most similar to condos. When you’re shopping for homes and see the type of ownership listed as “condominium,” even though the home looks like a typical house or town home, then it’s most likely a PUD.

A PUD includes ownership of a “lot,” with common areas either owned by a homeowner’s association (HOA) or collectively by all invested parties. If you buy a home within a planned unit development, you’ll have to pay homeowner’s association dues. PUDs often have amenities beyond the scope of most condos, like private tennis courts and outdoor playgrounds that are maintained by HOA fees and only open to homeowners. The monthly dues can be very high in some communities, so it’s important to include them in your monthly budget when deciding whether or not to buy a PUD.

https://www.redfin.com/resources/what-is-a-planned-unit-development
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
Condominium definition (Society of RE Appraisers, Real Estate Appraisal Terminology)
Unfortunately, the above is not relevant at all.

You need to check out the definition from the applicable state statues
http://www.leg.state.nv.us/NRS/NRS-116.html#NRS116Sec027

Since Common Interest Communities are regulated by the same state agency (Nevada Real Estate Division) as appraisers I would think that you might be familar with it.
http://red.nv.gov/Content/CIC/Main/
 

ratherbefishing

Freshman Member
Joined
Dec 6, 2013
Professional Status
Licensed Appraiser
State
Nevada
Suggest posting the name of the subdivision/development, it's location, and governing municipality - "county". Does the county's zoning permit PUD developments improved with attached, semi-detached Towhhouse units with individual lot ownership plus common interest ownership in community recreation elements? Building Dept. report any individual lot surveys? More info please........

NEVADA
NRS 116 – UNIFORM COMMON-INTEREST OWNERSHIP ACT

Nevada Revised Statutes (NRS) are laws that are enacted by the legislature. NRS 116 includes laws that govern common-interest communities (including HOAs). Changes to these laws may only be made through legislative action.

http://www.leg.state.nv.us/NRS/NRS-116.html

NAC 116 – MANAGEMENT OF COMMON-INTEREST COMMUNITIES

Nevada Administrative Codes (NAC) are the regulations that outline how laws are administered. Changes to regulations are preceded by workshops and public hearings.

http://www.leg.state.nv.us/NAC/NAC-116.html

source: http://communityassociations.net/resources/state-laws/
 

ratherbefishing

Freshman Member
Joined
Dec 6, 2013
Professional Status
Licensed Appraiser
State
Nevada
Thanks for those responses...problem has been resolved.
 

Cob

Senior Member
Joined
Mar 30, 2006
Professional Status
Certified Residential Appraiser
State
Texas
I just always try to explain it to people in a VERY simple way that everyone can hopefully under stand, a Condominium is a FORM OF OWNERSHIP, period, that's it, I live in Austin and there is a VERY wide variety of Condominiums in this city and I always have to discuss with clients that a Condominium is not a design or style of property.
 
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