Monday Real Estate Market Myth: PUD versus Condo

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s