Ron Ristovski,
Both Buyer and Seller, Michigan
Hello,
Many builders get permit from city as site condos - these are usually single family houses. Sometimes detached condo works on similar concept.
Typically, a condominium consists of multi-unit dwellings (i.e., an apartment or a development) where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common") by all the unit owners in the building. It is also possible for condominiums to consist of single family dwellings: so-called "detached condominiums" where homeowners do not maintain the exteriors of the dwellings, yards, etc. or "site condominiums" where the owner has more control and possible ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities.
Regards,
Ron @ http://www.Affordablemihomes.com/
http://www.youtube.com/tbmhomes
Many builders get permit from city as site condos - these are usually single family houses. Sometimes detached condo works on similar concept.
Typically, a condominium consists of multi-unit dwellings (i.e., an apartment or a development) where each unit is individually owned and the common areas, such as hallways and recreational facilities, are jointly owned (usually as "tenants in common") by all the unit owners in the building. It is also possible for condominiums to consist of single family dwellings: so-called "detached condominiums" where homeowners do not maintain the exteriors of the dwellings, yards, etc. or "site condominiums" where the owner has more control and possible ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities.
Regards,
Ron @ http://www.Affordablemihomes.com/
http://www.youtube.com/tbmhomes
Web Reference: http://www.thebestmihomes.com
Eric Boucher,
Real Estate Pro, Manchester, CT
From HUD's standpoint, if the units of a condominium project meet the entire set of 5 criteria, the project does not need to be on HUD's Approved Condominiums list. This means that Site Condos do not need to be approved with HUD prior to the units being eligible for FHA financing. The attached link provides more detailed information regarding this including the 5 criteria.
Web Reference: http://www.fhacondoapprovalspecialists.com/post/2463630...
Cicely Brookover,
Broker, Birmingham, MI
When you live in a site condo, the "dirt" is the condo. Site condos were created when the plat act was written so that it took foreever for developers to comply with the law and they could not anticipate "final" costs easily. Site condos could be created in a much shorter time frame. The "site" is the condo - a limted common element that only the "owner" has access to. The house is the owners. There is a master deed and by-laws. A detached condo is a condo. Like any other condo, the owner is essentially buying the interior walls and airspace. The structure is the limited common element that only the owner has access to. The "dirt" may be a limited common element or a common element - depends on the master deed. Whew, it's confusing to most buyers and many Realtors too.
