Real Estate Jargon: "Planned Unit Development" or "Common Interest Subdivision"
By John Souerbry, Homes, Land & Investments
(Cordon Real Estate)
Buyers, sellers, investors, welcome back to another installment of Real Estate Jargon, aka, simple explanations of real estate terms not normally found in nature. Most of us know what a condo looks like, but for a specific definition we can use the American Heritage® Dictionary: "A building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners." Simply put, we can own the condo we buy, plus we own a piece of the land, improvements, equipment and other assets that are typically called "common areas." Condo complexes typically form a homeowners association (HOA) at the time of construction and each owner pays a monthly fee to manage and maintain...
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