Townhouse vs Condo

[TerryRohrer]

Yep. That John Wayne statement describes James Micozzi perfectly. Go read posts 26 and 27 if you can understand those "big" words.

So you are now arguing that Connecticut law applies to every jurisdiction in the US? And supersedes the laws of all those other jurisdictions?

 

[jay trotta]

So you are now arguing that Connecticut law applies to every jurisdiction in the US? And supersedes the laws of all those other jurisdictions?

Nope, That Montana Code Does Not apply to ALL States.

Always thought the purpose of this site was assist in various State differences, as in, "One Size is not applicable" everywhere.

 

[TerryRohrer]

Nope, That Montana Code Does Not apply to ALL States.

Always thought the purpose of this site was assist in various State differences, as in, "One Size is not applicable" everywhere.

I have never stated that Montana Code applies to all states. I never hinted at or suggested or implied that. I am trying to make the case that "One Size is not applicable everywhere." Specifically, "townhome" is not a "style" everywhere and is a form of ownership in some jurisdictions, as evidenced in the Montana code. I'm not sure what you are reading into my comments that leads you to believe that anything else is my position.

 

[TerryRohrer]

Nope, That Montana Code Does Not apply to ALL States.

Always thought the purpose of this site was assist in various State differences, as in, "One Size is not applicable" everywhere.

It appears maybe you missed that my previous comment was not directed at you. It was in reply to the one who apparently believes that the Connecticut code applies here or anywhere outside Connecticut.

 

[James Micozzi]

It appears maybe you missed that my previous comment was not directed at you. It was in reply to the one who apparently believes that the Connecticut code applies here or anywhere outside Connecticut.

You statements about Connecticut code confirms that you do not know how to read. Get your facts straight before you throw “shade”. (FYI. I am NOT in Connecticut. Smh)

 

[TerryRohrer]

You statements about Connecticut code confirms that you do not know how to read. Get your facts straight before you throw “shade”. (FYI. I am NOT in Connecticut. Smh)

Do.You.Need.Me.To.Slow.Down.For.You? I did not say you were in Connecticut. You requested that I read Posts 26 and 27, which are excerpted from Connecticut code. What did you expect me to find there that would apply in Montana and that would supersede the Montana code I included in Post 7?

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.

Follow your own advice. You were "throwing shade without having your facts straight." Right? Or haven't you been able to comprehend Post #7 yet?

 

[alebrewer]

To the OP: not sure about your state, but in Texas, if a property is part of a condominium complex, it will often have something in the legal description as follows: "Villas at Willow Grove, Bldg 16, Unit 1604, 0.64% cmn Int" - notice the '0.64% cmn int' - which stands for the ratio of that owner's interest in the entire project. This is not ALWAYS the case, but if it does have 'cmn int' (or similar) - it's a condo. If they're a townhome, they will have the 'entire' lot in the legal - such as this townhome - "Village Green Town Home Ph 2, Lot 20". Sometimes the lot size is a giveaway as well... if the lot is 0.02 acres - good bet it's a townhome. If the lot is 2 acres - it's probably a condo. To another poster's point - you can see this quite clearly on an interactive Assessor map as well.

 

[J Grant]

RE ownership is fee simple or other, such as leasehold Townhouse is not a form of ownership . The fact that municipalities and states have codified laws regarding condos and PUD's/townhouses does not change that. State and local laws regarding property types can exist for judicial, zoning or tax /other purposes.

Ownership rights of property subject to HOA regulations or a condo restrictions can affect marketability, which makes it part of the SOW for an appraiser to determine any impact on value

 

[TerryRohrer]

Townhouse is not a form of ownership . The fact that municipalities and states have codified laws regarding condos and PUD's/townhouses does not change that.

Aside from the fact that that is a patently false statement, how would you appraise a property defined as a townhouse as in Post #7? Would it be on the 1004 form? Or on the 1073 form?

 

[J Grant]

If you guys are going to post, you should at least be accurate. I won't dispute that there may be places where townhouse is not a form of ownership. But it is a fact that there are places where townhouse is a form of ownership. To wit:

Montana Code Annotated 2021​

TITLE 70. PROPERTY​

CHAPTER 23. UNIT OWNERSHIP ACT -- CONDOMINIUMS​

Part 1. General Provisions​

Definitions​

70-23-102. Definitions. In this chapter, unless the context requires otherwise, the following definitions apply:
(18) "Townhome" or "townhouse" means property that is owned subject to an arrangement under which persons own their own units and hold separate title to the land beneath their units, but under which they may jointly own the common areas and facilities.

(18) "Townhome" or "townhouse" means property that is owned subject to an arrangement under which persons own their own units and hold separate title to the land beneath their units, but under which they may jointly own the common areas and facilities.

The above is their proxy use of the word townhome/townhouse for a property located in a PUD. Which is a property where the unit is owned with title to the land under the unit ( though in most areas it is one deed , not separate title ) and yes in a PUD the unit owners also own a % common are interest.

Why they grouped that under Condominiums I cant' say. Could just be incompetence on their part or laziness.

A townhouse or any style property in a PUD would bes appraised on a 1004 form, not a 1073 condo form - a property would be on a 1073 form if the legal ownership if the deed/ legal cites "condo".