An appraisal was recently done on a townhome for which I am currently under contract. The Appraiser listed the townhome property type as a PUD (Planned Unit Development) and now I am curious to know where the Appraiser gets the property type from? Which document? Because I am having an issue with financing on this townhome if it is a condo however, the lender says if in fact the townhome is a PUD instead of a condo, they will be able to lend on the property. We will not know for sure if it is a PUD until titlework is done; which is taking forever also.
Anywho, just trying to find out if the Appraiser uses a legal document to get property type?! Which will assure me listing the townhome as a PUD is true and hopefully not an oversight.
Thanks for reading!
Probably from the documents filed in the land records. The development plans will list whether it's a platted subdivision, condominium development or Planned Unit Development. It may also state such in the legal description on the deed.
Thanks for the response Jim!
So do you know if this means, that if the info was found in either of the places you mentioned, this info would be correct and allowed to be used legally by the lender?
Yes, the legal description may show the status, after all the area descriptive language, at the end of a legal it will say something like or "All of ......., Terracewood Place, a planned unit development, according to the recorded plat thereof" generally shown on the plat, original permits, zoning applications, development plans and specs submitted, in title and a survey it may be stated. It is what is shown on title, you aren't going to change it.
And, there may have been development financing restricting title or economic development agreements as to the status in approving the development, construction, sale and leasing of units, FHA specs and it will be restricted over the term of financing.
If the appraiser says it's a PUD, you can bet it's a PUD, if the title folks say it's a PUD, it IS a PUD. :)
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