Site Condo/PUD

[goredd]

I am currently working on an assignment that I believe to be a site condominium. It is a single family detached property in a rural area that is zoned agricultural. There are seventeen homes on the street. The word condo is not used in the legal description, but each home on the street has a unit number. I have done many site condos in the past, but this one is a little different. The street is private with a road maintenance agreement that is payable to the association. The lender also wants it identified as a PUD. How would you identify the property?

 

[glenn walker]

The lender will have whats called a PUD rider in their title report and if not sure ask them for a copy of both the title report and the PUD Rider ...If its a condo the legal will describe it as a part of a condominium project in detail, The plat map is also a giveaway a condo plat map will usually say condominium on it and there will be no separate lot sizes , often just A-B-C-D Etc. If your project has a separate legal tract and lot number then its A Detached Single Family home located in a Planned Unit Development.. As far as the Unit Numbers, because its on a private street that may-be due to USPS and mail service especially if they are using one community mailbox instead of mailboxes in front of each house . In my area we also have some PUDs with both street addresses and unit numbers on the doors.

 

[alebrewer]

The legal description and/or lot dimensions (if those records are available) should help in determining whether it's a site condo, or SFD. If it's a site condo, the legal should include some kind of % ownership of CE, along with a site description that would encompass all of the units.

 

[Tim The Enchanter]

Sounds like PUD from what you say.
Request the prelim.