What are the differences between Condos, PUDs, and Townhomes?
Condos A buyer of a condominium owns his or her individual unit, plus a percentage of the surrounding property, including land and any amenities on the property. (The word “condominium” is Latin, meaning “common ownership” or “common control.”) Residents are members of a homeowners’ association and pay a monthly fee to the association in exchange for maintenance of the common property. Each condominium complex has a master deed which outlines the percentage of ownership each unit in the development has invested in the entire complex. That percentage determines residents’ monthly dues to the association. Condominiums come in a wide variety of architectural styles, from two- and three-story buildings arranged apartment-complex style with carports to luxurious high-rise properties with sweeping views of the surrounding city or natural landscape. For all conforming condos – • On refinances the property needs to be turned over to the Homeowners Association (HOA) for 1 year. • The HOA is not
