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Condominium, PUD, Townhouse? What's the difference?
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CONDOMINIUM - A structure of two or more units, the interior space of which is individually owned; the balance of the property (both land and building) is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaces of the exterior walls, floors, and ceiling. The balance of the property is called the common area.
PLANNED UNIT DEVELOPMENT (PUD) - A housing development where a homeowner's association administers common property owned and shared by all dwelling owners in the project. Dwellings are often clustered to allow for more common space and special zoning is required for this kind of development. PUD's include individually owned units as well as some common space that is jointly owned.
TOWNHOUSE - Originally a house in a city as opposed to a country estate. More recently the term is applied to certain types of row houses, whether planned unit developments or condominiums. Generally, the units are two or more levels.
OWNERS ASSOCIATION:
An organization made up of unit owners in a condominium or PUD development established to govern relations between the owners and to administer the rules, by-laws, covenants and affairs of the project.
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Condo ownership is very different from owing a single family residence.
Sharing common walls with other owners requires extra courtesy:
*Keeping noise levels low at all times. *Being mindful of smells drifting into a neighbor's unit. *Respecting common area rules such as parking and use of amenities.
Your ownership has restrictions: Read the Rules
Read the C,C & Rs (Covenants, Conditions and Restrictions)
Are the grounds well maintained? Is the Owners Association financially sound? Are there any special assessments planned? What does the dues cover? Does my Realtor have expertise in condos?
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