PUD vs. Condo, what’s the difference? » Mortgage Masters Group

From my high-level understanding of Condos, the resident has fee simple ownership of his/her unit, and has undivided interest in the common areas. Whereas in a PUD, the difference is that the resident has a defined percentage interest in the common areas (does this mean an owner cashes out on the % of common area when selling his/her unit?).

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The terms Condominium or PUD will say a great deal about the owner-ship rights the buyer will receive in the unit and the interest they will acquire in the common properties or common areas of the development. The basic differences are as follows: The owner(s) of a unit within a typical Condominium project owns 100% of the unit, as

Eligibility Requirements for Units in PUD Projects. Lenders must determine that the PUD project and subject unit meet the requirements described in Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project in B4-2.1-01, General Information on Project Standards.

Condo vs Townhouse. A Condo unit and a townhouse are two different types of housing structures. There are significant differences between these two types of accomodation, such as the way they are built. A condo unit is a part of a bigger structure – it is part of a larger building – while a townhouse is a row of identical houses.

While "condo" refers to the way you own your land, and PUD says you are a planned development, "townhome" is totally different. A townhome is an architectural style. We usually think of a townhome as a two story unit, frequently a condo, and frequently with a garage on the first floor.

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Several different types of housing exist, including what’s known as the detached condominium. At its most basic, a detached condo is still a single-family home, but it’s legally classified as a.

To most home shoppers, a planned unit development (PUD) may look like a single-family home. But the legal structure for a PUD is more similar to that of a condo and can impact the mortgage process.

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