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Carlsbad, California

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Is that a condo - PUD or Townhouse

Posted at Committed to Bringing You Home by Frank Crowley

Oct. 7, 2009

Categorized in: First Time Home Buyers

Tagged with: buyers, condo, estate, homes, pud, real, san diego, townhomes

I am passing on this information given to me from Settlement One Title Insurance Company.

Is That Townhouse a PUD or a Condo?

Do you know the difference? With California builders trending toward high-density housing construction, more home buyers are considering the benefits of common-interest, community living. However, many are unaware of the clear yet seeming subtle definitions of Planned Developments (PUDs) and Condominiums.

Condominiums and Planned Developments are the two most common forms of common interest developments. The characteristics shared by the two are:

Common ownership of private residential property

Mandatory membership of all owners in an association (typically a Homeowner’s Association or HOA) that controls use of the common property

Governing documents (the Covenants, Conditions and Restrictions or CC&Rs) that establish the procedures for governing the association, the rules which the owners must follow in the use of their individual lots or units as well as the common properties, and

A means by which owners are assessed a fee to finance the operation of the association and maintenance of the common or community properties

Understanding the terms

The terms “townhouse”, “villas”, “flats”, and “high-rise” define the physical styles of the condominium buildings or structures, but not the legal ownership or interest in the physical air space or real property

The terms “condo” and “condominium” are legal definitions of air space within each unit and refers to the types of interest the buyer has in real property; they do not define the style of the dwellings:

High-rise condos are units in a building, where the “lot lines” are defined by the shared walls, floors, and ceilings that separate the units from one another
A townhouse or villa may legally be a condominium, a unit, or a lot in a Planned Development, or it could be a single-family detached residence in a Planned Development
Townhouses and villas are attached units in a block structure, where the “lot lines” are defined by the shared walls that separate the units from one another

The terms “Condominium” and “PUD” define the ownership rights the home buyer will receive in the unit and the interest they will acquire in the common or community property or common areas of the development. Regardless of structure, it’s in the buyer’s best interest if they are made aware of the community restrictions and duties outlined in the CC&Rs, before the close of escrow. Knowing the nuances will help the buyer be a smarter condo owner.

For more information about title insurance for Condos and PUDs, contact SettlementOne Title at 619.241.7000 or visit our website at www.SettlementOne.com.

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