The Preliminary Title Report should include a Legal Description to indicate Condominium Ownership vs. Common Interest Development

The Preliminary Title Report should include a Legal Description to indicate Condominium Ownership vs. Common Interest Development

Below is a legal description taken from a preliminary title report of a property in Sunnyvale:

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SUNNYVALE, COUNTY OF

SANTA CLARA, STATE OF CALIFORNIA AND IS DESCRIBED AS FOLLOWS:

A CONDOMINIUM COMPRISED OF:

PARCEL ONE:

UNIT NO. 8, AS SHOWN AND DESCRIBED ON THAT CERTAIN MAP ENTITLED, "TRACT NO. 4997 FAIR

OAKS - CONDOMINIUM SUBDIVISION AND PLAN", WHICH MAP WAS FILED FOR RECORD IN THE OFFICE

OF THE RECORDER OF THE COUNTY OF SANTA CLARA, STATE OF CALIFORNIA ON SEPTEMBER 29,

1971 IN BOOK 290 OF MAPS, AT PAGES 35 THRU 39, AND AS AMENDED BY CERTIFICATE OF

CORRECTION THERETO, RECORDED FEBRUARY 16, 1972 IN BOOK 9706 OF OFFICIAL RECORDS, PAGE

246, SANTA CLARA COUNTY RECORDS, AND AS FURTHER DEFINED IN THE DECLARATION OF

RESTRICTIONS ENABLING DECLARATION ESTABLISHING A PLAN FOR CONDOMINIUM OWNERSHIP OF

FAIR OAKS RECORDED MARCH 27, 1972 IN BOOK 9760 OF OFFICIAL RECORDS, PAGE 471, ET SEQ.

TOGETHER WITH THE FOLLOWING APPURTENANT EASEMENTS:

1) THE EXCLUSIVE RIGHT TO USE THE BALCONY SHOWN ON SAID CONDOMINIUM MAP AS BALCONY

NO. B 8, ADJACENT TO THE AFOREMENTIONED UNIT.

2) THE EXCLUSIVE RIGHT TO USE FOR VEHICLE PARKING PURPOSES THE GARAGE SPACE SHOWN ON

SAID CONDOMINIUM MAP AS GARAGE SPACE NO. G 8.

3) THE EXCLUSIVE RIGHT TO USE FOR ORDINARY STORAGE PURPOSES THE STORAGE SPACE

SHOWN ON SAID CONDOMINIUM MAP, AS STORAGE SPACE NO. S 8. 

Disclosures for 705 San Conrado Terrace Unit8 Sunnyvale CA 94085

Disclosures for 705 San Conrado Terrace Unit8 Sunnyvale CA 94085

http://www.c21mm.com/Search/ListingDocs.aspx?ID=20071&listingID=218-10-81597711

Where in the Prelim do I check to saveCondo vs. PUD

Question: How do you determine whether a property is a condo (i.e. has condo ownership) or is in a Planned Unit Development (aka PUD ownership)?
Answer: Check the Preliminary Title Report.   The Prelim Page#1 Item#1 To help determine whether the property is a h Condo or pud from prelim page1.

If Item #1 says "A Condo", then it's a condo.
If Item #1 says "A Fee", then most likely the property is in a PUD.

Check out Page4 of the preliminary title report:
If you see HOA and dues, then the property is part of a PUD because the owners pay a maintenance fee.

Divided interest in your unit plus undivided interest in the common areas.

Condos have undivided interest in the entire complex.

Different lenders charge different fees for different types of ownership.

Fremont condo complex has issue of low water pressure. Very little money to fix it.

Fremont condo complex has issue of low water pressure. Very little money to fix it.

Posted Under: Home Buying in Fremont, Remodel & Renovate in Fremont, In My Neighborhood in Fremont | May 3, 2011 4:07 PM | 71 views | No comments
Fremont condo complex has issue of low water pressure. Very little money to fix it.

Fixing all the units will take more than a year. The complex has only enough money budgeted to fix approximately 10 units at a time. Which units they do next depends on how bad they leak and how bad the water pressure is. You can say "Come look at my unit. My water pressure is the worst in this complex." However, you still aren't guaranteed to get your unit fixed next. The property manager does not have a set schedule to fix all the units. As they have enough funds, they are going throughout the complex and repiping batches of 10 or so units. Without the budget to correct the galvanized steel piping, repiping all the units could take years. The low water pressure will be an ongoing problem. To come up with the funds in one shot, the HOA could charge each unit a special assessment. However, they do not want to charge a SPECIAL assessment because many owners already have enough trouble paying the REGULAR assessment as it is.

Condo vs PUD - What's the difference?

The two most common forms of common interest developments in California are Condominiums and Planned Unit Developments (PUDs). What's the same and what's different?

The characteristics shared by both forms of ownership are:

• Common ownership of private residential property
• Mandatory membership of all owners in an Association which controls use of the common property
• Governing documents (CC&Rs) which establish the rules which owners must follow in the use of their individual lots, as well as common areas.

The basic differences between ownership of a condominium and ownership of a PUD are:

• The Condominium owner owns 100% of the unit, as defined by a recorded Condominium Plan, and also owns a fractional, or percentage, interest in all common areas.
• The PUD owner owns the lot as shown in the recorded Tract Map or Parcel Map along with the structure and improvements. They also receive rights and easements to use in common areas.