Myth: A buyer does not have to worry if a home is a Planned Urban Development of a condominium.
False: They type of property a buyer is purchasing means a lot more to a lender than most anticipate. Just because a listing agent marks a property a condo or PUD on the MLS, the property might be legally named another on the Preliminary Report. It is very important to read and review all Preliminary Reports from the Title Company, as a buyer’s ownership in the land that he or she buys determines the interest rate on a property. In California, purchasing a condominium is greater risk as you own only a portion of the land, where as a Planned Urban Development most likely owns the lot the resident lies.
Make sure you know what you are buying and have a great team to support you like myself local real estate agent Kristen Jurevich at 831.635.6719 in the Hollister, San Juan, Aromas, Gilroy, Salinas, Monterey, or surrounding areas.
