The terms Condominium and Planned Unit Development (PUD) are frequently—and mistakenly— associated with the physical styles of a dwelling when in reality, these terms refer to the interest in land and ownership rights enjoyed by the homeowners who dwell in them.
- Here are the basic differences:
The owner(s) of a unit within a typical Condominium project owns 100% of the unit, as defined by a recorded Condominium Plan. As well, they will own a fractional or percentage interest in all common areas of the Condominium project. - The owner(s) of a lot within a PUD owns the lot which has been conveyed to them, as shown in the recorded Tract Map or Parcel Map, and the structure and improvements thereon. In addition, they receive rights and easements to use in common areas owned by another, frequently a homeowner’s association, of which the individual lot owner(s) is a member.
For more details related to this topic, see the attached information sheet for you to download and add to your real estate library!
Click here for information sheet.
