'pud'? Yes? Or No? Source Of Verification?

[Slappy]

Bottom line - The preliminary title report / legal description drives the condo / pud distinction. If the property is legally, a condo, put it on the 1073 form. If it is legally a PUD, put it on the 1004 form. You can split hairs over the nuances, but somewhere along the line, usually the day before close, the lender will want the appraisal on the correct form. No matter the form used, you need to display the "most similar comps" which may or may not correspond to their land ownership status. Do not get too hung up on PUD/ condo distictions, because the market does not.

 

[Howard Klahr]

Bottom line - The preliminary title report / legal description drives the condo / pud distinction

Do not get too hung up on PUD/ condo distictions, because the market does no

Interestingly enough the issus addressed by the OP has absolutely nothing to with condo vs pud but rather pud vs not. Besides a condo requires a declaration of condo which is readily available in public records. In regards to the comment that the market doesnt make a distinction between condo or pud would depend on the improvement type and the market area wouldnt it?

 

[DWiley]

The whole "Is it a PUD or not?" question can be very confusing because there are so many different definitions of what a PUD is. One must apply the definition that is appropriate for the assignment. So, for example, in a Fannie assignment one should use the Fannie definition.

It can be especially odd if you are in an area with PUD zoning. I have appraised properties that were zoned PUD and noted as PUDs on tax records, but they were not PUDs based on the Fannie definition. Fun, right?

We also have an odd little law - the Horizontal property Regime Act. A property built under that act may be a PUD, or not, depending on how "unit" is defined in the development docs. I once was involved in appraisals of two units in a four unit complex. They were all model matches built by the same builder, but because of minor differences in the docs, two of them were PUD units and two were not.

The bottom line is that I don't think there is any single authoritative way to make the determination, because of the variances from jurisdiction to jurisdiction.