A PUD rider is a document that is attached to a mortgage and refers to a “planned unit development.” It would appear that when they signed the PUD rider, the lender may have known from the title report that the property was subject to some sort of association or other community living arrangement.

Besides, what is a condo rider?

If you're buying a condominium, one of the documents you will be required to sign in connection with your loan is a “Condominium Rider.” This rider is an attachment to the document recorded in the land records to secure your loan. In DC, Maryland and Virginia the recorded document is called the Deed of Trust.

what is considered a PUD? A Planned Unit Development (PUD) is a community of homes that could look like single family residences, townhomes or condos, and can include both residential and commercial units, but on paper, they're most similar to condos.

Similarly one may ask, what is a PUD vs a condo?

The difference between a PUD townhome and a condominium townhome is that in a PUD, you actually own the land your townhome sits on, and usually a small back and front yard also. Townhouse ~ owns the land on which it sits. Condominium ~ owns the inside of the unit. PUD ~ Owns the land front and back of unit.

Is a PUD the same as an HOA?

A PUD is a community of single family homes, townhomes, or condominiums, with common property owned and maintained by a homeowners association (HOA) for the sole use of homeowners. Think of PUDs like apartment complexes, but instead of renting, residents own their homes and the lots on which they sit.

Related Question Answers

What is a 1 to 4 family Rider?

As far as I know, a 14 Family Rider usually means that it is a multi-unit property. The concerned property should have more than 1 unit. For example duplex, tri-plex, or four-plex will be marked with 14 Family Rider. This can be written as 2-4 Unit Family Rider or 14 Family Rider.

What is a rider on a mortgage?

A mortgage rider is simply an appendix to the mortgage document. They require mortgage riders when the loan contains non-standard features that are not contained in the template mortgage papers. A borrower who understands what his mortgage rider means can avoid the shock of having unexpected loan terms pop up later.

What is occupancy affidavit?

The Occupancy Affidavit is for the borrower to swear that they will be living in the property they are borrowing for rather than leasing the property to a third party. The Occupancy Affidavit is one of the documents in the loan package that is always notarized with a Jurat.

When selling a condominium the seller must provide?

RESALE OF A UNIT (Any sale after initial sale)

Seller must provide: Condominium Declaration. Articles of Incorporation (or other document that creates the association). Bylaws.

Do condos have good resale value?

Condos Are Great for Resale Value and Here's Why. They think it's hard to sell condos on the resale market and worry they'll have to take a loss when it's time to sell. Don't let these misconceptions steer you away from purchasing a condo. In fact, modern condos have great resale value for the following reasons.

Are condos good investments?

Let's cut to the chase: Yes, condos are a fine investment. You just don't want to get a junky one that's poorly managed. Don't get us wrong: Buying a condo is still one of the most expensive purchases you could ever make. But a condo is typically tens of thousands of dollars cheaper than a single-family house.

Is townhouse better than condo?

Condos are often cheaper than townhouses because they come with no land. The exterior of the units, plus land and any improvements, is considered common area and owned collectively by all condo owners in the community. Like townhouse owners, condo owners pay monthly HOA fees, though these fees are significantly higher.

Can you have a PUD without HOA?

State the zoning as PUD, mark it as PUD, and explain that there is no HOA. Mandatory home owner's association fees–PUD (unless you have a condo). Actually there are two elements that have to be in place to call it a PUD (not just mandatory HOA fees). There must also be property owned by the association.

What is the difference between a villa and a condo?

A villa is generally home to a single family, in contrast to condos and townhomes that are designed to house multiple families. Villas are found in less populated areas while condos and townhomes are in more densely populated areas. A villa has the same maintenance and insurance requirements as a house or a townhouse.

What is a free standing condo?

A stand alone condo is built just like a traditional home. This differs from a traditional condo that has shared walls where the association commonly maintains the exterior. In some instances, properties are setup as stand alone condos because it allows the developer to put more homes in a smaller acreage.

Do condos have garages?

The most common configuration of a condo is that of an apartment within a complex. What makes an apartment a condo is the fact that someone can own the interior space of that apartment and jointly-own the spaces outside of it (e.g., halls, exercise rooms, parking lots or garages, pools, the building's roof).

How do I know if a property is a PUD?

Although properties are often referred to as PUDs in error, the only true way to determine whether or not the property is a PUD is by reviewing the Covenants and Restrictions which will disclose mandatory membership in the Homeowners Association. In these cases, monthly or annual HOA fees may or may not be involved.

What does Hoa cover for townhouse?

For condominium owners, HOA fees typically cover the costs of maintaining the building's common areas, such as lobbies, patios, landscaping, swimming pools, and elevators. In many cases, the fees cover some common utilities, such as water/sewer fees and garbage disposal.

What is planned development zoning?

Traditional zoning divides a jurisdiction into districts (e.g., Single Family 1, Retail, Office). Planned development zoning (also termed planned unit development) was created as a means of tailoring zoning regulation to the specific needs of a project plan and the unique characteristics of a site.

What are the pros and cons of owning a townhouse?

The Pros and Cons of Buying a Townhome or Rowhouse
  • When You're Okay With Sharing a Wall or Two.
  • Townhomes May Be Cheaper.
  • HOA Fees Can Get Expensive.
  • (Some) Maintenance Is Part of the Package.
  • Plenty of Living Space.
  • Townhomes Have Smaller Yards.
  • Look Out for Pet Restrictions.
  • Freedom of Expression?

What is a PUD in mortgage terms?

A planned unit development (PUD) is a project or subdivision that consists of common property and improvements that are owned and maintained by an owners association for the benefit and use of the individual units within the project.

What does PUD mean in real estate terms?

Planned Unit Development

What is PUD slang for?

Noun. pud (countable and uncountable, plural puds) (slang) Penis. [