pud definition

[Daystar]

Does anyone know where I can find the written definition of what distinguishes a PUD from a condominium, I am having a spitting match with an underwriter. I would like to give them something I can quote from.

Thanks

 

[Donny Lindner]

A condo is a form of ownership. You do not own the land. A PUD is planned unit development. I believe this is how the city designates a certain area which is to have controlled development. Someone else will probably have a more technical definition.

 

[Daystar]

I know the difference I need a source to quote to the lender.

 

[Mike Kennedy]

Fannie Selling Guide

Section 302 - Units in PUD Projects

A planned unit development (PUD) is a project or subdivision that consists of common property and improvements that are owned and maintained by an owners' association for the benefit and use of the individual units within the project. For a project to qualify as a PUD, the owners' association must require automatic, nonseverable membership for each individual unit owner, and provide for mandatory assessments. Zoning should not be the basis for classifying a project as a PUD.

Appraisals for PUD units should be documented on the Uniform Residential Appraisal Report (Form 1004). It may be necessary to use an addendum to Form 1004 to provide this information for appraisals related to attached units in new PUD projects (particularly when the developer is still in control of the owners' association) in order to assure that all the specific eligibility criteria for this type of project are adequately addressed.

The appraisal of an individual unit in a PUD requires the appraiser to analyze the PUD project as well as the individual unit. The appraiser must pay special attention to the location of the individual unit within the project, the project's amenities, and the amount and purpose of the owners' association assessment since the marketability and value of the individual units in a project generally depend on the marketability and appeal of the project itself.

* note ..........Donny's tip was partially correct; a PUD may contain both Condo Units ( interior owned by the property owner with a pro-rata share in and exterior and common elements owned by the condo) and Attached, Semi-detached, or Detached Units with ** EDIT: individual lot ownership and typically a Master Use Agreement for common elements . MANDATORY membership in HOA usually denotes a PUD.

 

[Mike Garrett RAA]

Technically you do on a portion of the land in a condo!

 

[Mike Kennedy]

Mike - (a pro-rata share in and exterior and common elements owned by the condo) INCLUDES the land.

 

[Mike Garrett RAA]

didn't I say that? I owned a condo and had a 1/164th interest in the common elements and the land.

 

[incognito]

A 1/64th UNDIVIDED interest in the land...

Some common elements can actually have a 1/64th divided interest, usually called a limited common area, such as a units balcony in many condominiums. (Everyone owns it, but only I get to use it).

 

[Smokey Bear]

Are they arguing over the PUD designation on the top of page 1, near where you report HOA fees? If so, throw out the legal defintion of PUD, they want it checked it there is a mandatory HOA fee than can be enforced by lien. If there's a mandatory HOA, just check the darned PUD box and be done with it.

 

[xmrdfghap]

In the state of Oklahoma a PUD (planned unit development) is a special zoning district category that provides an alternate approach to conventional land use controls. The PUD may be used for particular tracts or parcels of land that are under common ownership and are to be developed as one unit according to a master design statement or a master development plan and will always be found as an overlay of existing zoning. The Planned Unit Development District is designed to encourage developments with a superior built environment brought about through unified development and to provide for the application of design ingenuity in such developments while protecting existing and future surrounding areas. “PUD” Zoning provides for greater flexibility in the design of buildings, yards, courts, circulation, and open space than would otherwise be possible through the strict application of other zoning district regulations.