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Indianapolis Appraisal Blog

Condo or Not?
February 17th, 2014 8:52 AM
Did you know that it is impossible to tell if a home is a a condo simply by looking at it?  Many realtors, owners and lenders confuse what constitutes a condo versus an attached PUD. Both can look very similar and a condo can even be detached from other homes altogether. Ways to really determine if a home is a condo is to look at its title work, the project's Covenants and Restrictions/other documentation or by looking at a full legal description. Many times a condo will have Horizontal Property Regime (HYPR) somewhere in its legal description or some other wording describing a condo. The legal description may also say something like "1/16 interest in common areas" which may also be an indicator that it is a condo. While it may or may not impact value conclusions in an appraisal report, it is always good to know exactly what you own.

Posted in:General
Posted by Anthony Akins on February 17th, 2014 8:52 AMPost a Comment

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