Townhouse vs Condo

[TC]

I appraised a property that was an end unit of 6 PUDs. They were located in the middle of a condo development. That was fun. And don't get me started on appraising a Co-op.

 

[James Micozzi]

I understand the difference between Townhouses and Condo's. Condos are easy to identify if they have multiple stories of units. But it gets challenging when there are not multiple stories. Realtors and even legal documents use the terms interchangeably.

I have a deed that says " The Grantor does grant, bargain, sell and convey unto the Grantee in fee simple, all that certain lot or parcel of land and described as follows:" " Being Cottage x of "HOA y", a Condominium, as described in the Declaration of Condominium of "HOA y". Fee simple implies land ownership but it is also being referred to as a Condo.

What document(s) do you like to refer to, to come to a conclusion that a property is a condo or townhouse?

SMH. repeat after me. Style does not dictate ownership interest. You can have a one story condominium unit or a condo unit located in a 100 story building. townhouse is a style of house.

 

[Timothy Hogan]

The owner(s) of a unit within a typical Condominium project owns 100% of the unit, as defined by a recorded Condominium Plan. As well, they will own a fractional or percentage interest in all common areas of the Condominium project.



The owner(s) of a lot within a PUD own the lot which has been conveyed to them-as shown in the recorded Tract Map or Parcel Map-and the structure and improvements thereon. In addition, they receive rights and easements to use in common areas owned by another-frequently a homeowner's association-of which the individual lot owners are members.



The complex’s declaration should include a statement in the first few pages that specifies ownership of the common area, which should give an indication of whether it is a condo or pud.



You will want to review the condo declaration to determine the ownership of the common area to determine how it would be viewed by FHA based on the definitions. For the purpose of FHA mortgage insurance, how the site condo is dealt with by the assessor and zoning is not applicable. You will want to go by what is stated in the condo declaration, the Handbook definitions and HUD policy. You will also want to make sure that this is thoroughly discussed in the appraisal.

 

[TerryRohrer]

SMH. repeat after me. Style does not dictate ownership interest. You can have a one story condominium unit or a condo unit located in a 100 story building. townhouse is a style of house.

Maybe you should make sure you are right before posting inaccurate, condescending garbage. Your understanding of your market doesn't make it universally applicable!

 

[Charles West]

The assessor's parcel map will identify whether a townhome property is in a deMinimus PUD or condominium development by virtue of parcel dimensions on the plat map and the accompying legal description.

 

[Fernando]

SMH. repeat after me. Style does not dictate ownership interest. You can have a one story condominium unit or a condo unit located in a 100 story building. townhouse is a style of house.

There's a newer home development which looks like a PUD townhome development near Oracle headquarters in Bay Area. When first came to market, I couldn't believe people would buy a townhome attached style home as a condo ownership. Not much common amenities except for a park. Yet it sold well and prices gone up since then. I should have bought there as investment but I'm bias on condo ownership.

 

[Long Walk]

The description of ownership in the deed and title. Remember a Town House is a Design and not a form of ownership. A Condominium is a form of ownership and not a particular design that is not owned in Fee Simple ownership.

You can also have Condos that are Town house designs-even be detached and look like single family homes.
The Realtor tend to list anything that looks like a condo as a condo. We have one large project of townhouse designed units where almost all are listed as condos by Realtors-When I search for comps I search both Condos and attached PUDs that have townhouse designs as the Real;tors dont know.

When I brokered in FL, there was a mobile-home condominium in my service area. Not a mobile home park -- condominium land. I did a property tax appeal for a condo association on a lake in NH. The living units were generally 1-story, detached, 3-season camps. Last year, I appraised a building lot in a 2-unit commercial condominium. The other unit was improved with a commercial building. As noted repeatedly in this thread, condominiums are a form of ownership.

For the OP, you should see a Condominium Master Deed in the chain of title. That deed will reference the condominium plan. The names may be slightly different, but you will see that the Master Deed creates the condominium and the plan graphically depicts the units.

 

[Fernando]

When I brokered in FL, there was a mobile-home condominium in my service area. Not a mobile home park -- condominium land. I did a property tax appeal for a condo association on a lake in NH. The living units were generally 1-story, detached, 3-season camps. Last year, I appraised a building lot in a 2-unit commercial condominium. The other unit was improved with a commercial building. As noted repeatedly in this thread, condominiums are a form of ownership.

For the OP, you should see a Condominium Master Deed in the chain of title. That deed will reference the condominium plan. The names may be slightly different, but you will see that the Master Deed creates the condominium and the plan graphically depicts the units.

In San Francisco, there is a limit in number of yearly condo conversion so to circumvent the delay in getting building into a condo, many such buildings become tenants in Common (TIC).
TICs are more affordable than condos but has its additional issues. You should thank that all you need to worry about is Fee Simple or Condo ownership only.

 

[glenn walker]

W

There's a newer home development which looks like a PUD townhome development near Oracle headquarters in Bay Area. When first came to market, I couldn't believe people would buy a townhome attached style home as a condo ownership. Not much common amenities except for a park. Yet it sold well and prices gone up since then. I should have bought there as investment but I'm bias on condo ownership.

Why you own one?

 

[J Grant]

One of the most interesting condos around here is a nearby is a race horse barn where the stalls are condo ownership (by the owner, not the horse )

A condo can be almost anything that can be deeded -