Michigan - Site Condo in a PUD

[Pittsburgh Pete]

The world where explanation in a narrative form trumps checkboxes.

 

[Don Clark]

Your an Instructor? Lord have Mercy.
Project information..............hmmm.......how many stories and elevators? This really applies to free standing Manufactured homes doesn't it....
Project site......................hmmmm........sites are owned by each manufactured home owner.....there is no project site!!!!
Teach on friend.

No, the sites are not owned by each MH owner. Not in the MH condo here locally at least. Since you are rather naieve about forms, all forms have some information on them that may not be applicable or required for an individual property type. Not all condos, not just site condos lack elevators. When you have more experience we can discuss that fact further. And, yes, I have been an instructor for some time now, likely before you could wear big girl pants.

 

[mark lyons]

11111111111

 

[mark lyons]

Do you have an original source/location for this? I searched but couldn't find anything?

I like to be able to quote the original when arguing with UWs rather than saying i saw it in an internet forum. Thanks[/quote

https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel051512.pdf

Thanks but its not in the selling guide.

below is from selling guide

"Eligibility Requirements for PUD Projects
A PUD is a project or subdivision that consists of common property and improvements that are
owned and maintained by an HOA for the benefit and use of the individual PUD units.
In order for a project to qualify as a PUD, each unit owner’s membership in the HOA must
be automatic and nonseverable, and the payment of assessments related to the unit must be
mandatory.
Zoning is not a basis for classifying a project or subdivision as a PUD."

"planned unit development (PUD)
A real estate project in which each unit owner has title to a residential lot and building and a
nonexclusive easement on the common areas of the project. The owner may have an exclusive
easement over some parts of the common areas (for example, a parking space). Fannie Mae does
not purchase or securitize mortgages secured by PUD projects; it does purchase or securitize
mortgages on individual units in a project."


there is no defintion that i could find that says

"
4. And the property is NOT a condominium unit."

 

[Don Clark]

Thanks but its not in the selling guide.

below is from selling guide

"Eligibility Requirements for PUD Projects
A PUD is a project or subdivision that consists of common property and improvements that are
owned and maintained by an HOA for the benefit and use of the individual PUD units.
In order for a project to qualify as a PUD, each unit owner’s membership in the HOA must
be automatic and nonseverable, and the payment of assessments related to the unit must be
mandatory.
Zoning is not a basis for classifying a project or subdivision as a PUD."

"planned unit development (PUD)
A real estate project in which each unit owner has title to a residential lot and building and a
nonexclusive easement on the common areas of the project. The owner may have an exclusive
easement over some parts of the common areas (for example, a parking space). Fannie Mae does
not purchase or securitize mortgages secured by PUD projects; it does purchase or securitize
mortgages on individual units in a project."


there is no defintion that i could find that says

"
4. And the property is NOT a condominium unit."

You say it is not in the selling guide then quote wht is in the selling guide????

The reason you cannot find it is that there is no prohibition for marking the PUD is that there is no such guideline.

In my market we have several very large PUD's in which there are also 1 or more condo developments. This is what I put in one such report:

SOME UNITS SHOW A12 AS ZONING, SOME SHOW PDH2 AS ZONING

BUYER IS PAYING $$130.00 PER MONTH CONDOMINIUM FEE TO BLUEGRASS PARK CONDOMINIUM ASSOCIATION, AND $41.00 PER MONTH TO LEXINGTON PARK HOME OWNERS ASSOCIATION. IN ADDITION, BUYER IS RECEIVING A SELLER PAID $145.00 PER MONTH COX COMMUNICATION BUNDLING PACKAGE FOR 2 YEARS ACCORDING TO SITE AGENT.

The reason for the statement is the fact that the Bluegrass Condo is part of the larger Lexington Park PUD.

For the record, in 2005 I was taught by Fannie Mae in a train the trainer conference to teach the use of the then new forms to others.