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PUD vs. Condo, what’s the difference? » Mortgage Masters Group

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Condominium ownership is also used, albeit less frequently, for non-residential land uses: offices, hotel rooms, retail shops, private airports, marinas, group housing facilities (retirement homes or dormitories), bare land (in British Columbia)) and storage. The legal structure is the same, and many of the benefits are similar; for instance, a.

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A planned unit development (PUD) HOA is responsible for ensuring compliance with the CC&Rs of the PUD and upkeep of any common areas in the PUD.. Whats the difference between a condo and an.

PUD vs. Condo, what’s the difference? If you are in the real estate business you may have heard the terms PUD and Condo, but if you’re not in the business then these words are probably foreign to you.

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The differences in ownership do not preclude a bank from repossessing either a co-op or condo in the event a buyer is unable to pay back the mortgage.But unlike co-ops, HUD-approved condos can be financed through FHA mortgages while only certain banks participate in co-op lending and only after it’s determined that the co-op is a qualified building on the bank’s approved list.

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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