Written By: Stacey Sprain In a recent meeting of the minds we determined that our closing and funding departments have been seeing an increasing number of doc correction requirements come through in regards to PUD properties. So we posed the question- What makes a PUD a real PUD? What should we ref
The main difference with PUDs as opposed to single family homes not in a PUD is the rules that homeowners must abide by. Even though you live in a single family home with your own yard and garage, you will still have to listen to the rules set forth by the association.
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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?).
You can get mortgage for 100% of the value. Funda is a disaster. I think the biggest difference is the very different.
A planned unit development rider is component of a regulatory process associated with the purchase of a condominium unit. It is an attachment to the ownership document that is mandatory to finalize the closing when the unit in question is part of a condominium or homeowner association.
As Laura has stated a PUD is a planned unit development. The big difference between and PUD and condo/townhouse is that is is designated as a single family residence. It helps a little with the value. That is why they tend to be more expensive then condos and townhouses.
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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PUD vs. Condominium. by Reed Colwick on June 2, 2011. Did you know there are differences between these two that could potentially make one un-financeable in today’s economy? First, what is a PUD? PUD stands for a Planned Unit Development. This type of development is used to describe a.