What is a PUD (and how is it different than a condo?)

condo.jpgFirst we need to review the proper definition of the "estate of interest" of each type of ownership.

Single Family Residence (SFR) The ownership interest is intended for the use and occupancy of a single family. They are Fee Simple Estates which is the greatest interest one can have in real property. The estate is unqualified, of indefinite duration, freely transferable and inheritable.

Planned Unit Development (PUD) Also a Fee Simple Estate like an SFR, most have an interest in common area(s) and amenities as well as are part of a homeowners' association. The term PUD describes a planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning.

Condominium A real property estate where there is an undivided interest in common in a portion of real property along with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. The areas within the boundaries may be filled with air, earth, or water or any combination and need not be attached to land except by easements for access and support. A condominium is defined in Section 783 of the CA Civil Code. There are 2 parts: the first being a percentage interest in the entire development and the second being the unit which they own. A condo owner shares ownership along with other unit owners as defined by their "Condominium Plan". It usually consists of "airspace" within the walls of their unit. This type of ownership does not usually include the actual structure.

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