Townhouse vs Condo

[Carnivore]

It simply amazes me that that must be stated, and yet it doesn't matter to some! It never sinks in.

So I should have said "In My State of North Carolina... Frankly I don't care what you call it in your state. So I should have just stayed out of this useless conversation. All it proved is there are differences around the country.

It would be interesting to read the different legal Descriptions of Condo ownership from other states.

 

[Carnivore]

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?

There is such a thing as a Site Condo. If I could just remember the address I would post it. It is in Charlotte. Basically it was a duplex and each were allocated a portion of the total site. as I recall they each were responsible for the grounds under and around each unit. Weird Setup. Never understood why the two owners did what they did. It may have been something to do Zoning, I just can not remember.

https://www.FHA.com/fha_article?id=3028

 

[ZZGAMAZZ]

There is such a thing as a Site Condo. If I could just remember the address I would post it. It is in Charlotte. Basically it was a duplex and each were allocated a portion of the total site. as I recall they each were responsible for the grounds under and around each unit. Weird Setup. Never understood why the two owners did what they did. It may have been something to do Zoning, I just can not remember.

https://www.FHA.com/fha_article?id=3028

I have been told that FNMAE allows a site condo to be reported on a 1004 or a 1073. Is that correct?

 

[ZZGAMAZZ]

I don't think Louisiana recognize "fee simple" per se. They operate under French code. Most of their laws are based on Civil Code, not Common Law (precedent)

Please cite your source: Stanley Kowalski !!!!

 

[Terrel L. Shields]

Please cite your source:

Google

fee simple estate will mean "full ownership interest" as that term is used in the Louisiana Civil Code.

49 states are predicated upon "English Common Law" meaning law is based upon precedence from prior rulings.

Only one relies upon "Civil Law" - sometimes mischaracterized as Napoleonic Law (which wasn't created until 1804 a year after Louisiana became a state) and Civil Law refers to a strict interpretation of laws passed regardless past interpretations.

 

[Carnivore]

I have been told that FNMAE allows a site condo to be reported on a 1004 or a 1073. Is that correct?

Freddie Mac - https://guide.freddiemac.com/app/guide/form/465

Fannie Mae - https://selling-guide.fanniemae.com...-and-Exhibits-07-03-2019.htm?touchpoint=Guide

addition, appraisals for units in condo projects that consist solely of detached dwellings may be documented on Form 1004, if the appraiser includes an adequate description of the project and information about the homeowners’ association fees and the quality of the project maintenance. Appraisals reported on Form 1004 must be completed in accordance with the UAD Specification.

 

[timindp]

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?

Title page from your MLS. Its that easy

 

[TerryRohrer]

I have never seen a title doc in my MLS.

 

[redfish]

In Michigan we have site condos all over the place. Site condo is simply an instance when the "unit" is the site.

 

[ZZGAMAZZ]

In Michigan we have site condos all over the place. Site condo is simply an instance when the "unit" is the site.

I've been advised in the past that the appraisal of a site condo can be 1073 or 1004 per FNMAE, but the lender makes that decision. Is that correct?