When you finance a condo, there are specific rules the condominium association must meet.
Here is the link to the article we wrote on these rules:
However, there are many properties that you may know as a patio home, townhome, or even a single family residence, but because of the way the land was developed, lenders will consider them as condominiums and they must meet the above rules.
Here is how you can tell if your property is a condo:
If the legal description contains the words “condominium” or “horizontal regime,” the lender will consider the property a condo, and will hold it subject to the condominium rules.
The rules can vary depending on whether the unit is detached or attached.
If you are unsure whether the property you are purchasing will be considered a condo, contact us!
We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
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John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.