It looks like a condo but is it a condo? One cannot determine whether or not a structure is a condo by looking at it when it comes to planned communities. There are many properties that appear to be condos but may not be recorded as a condo. You may know them as a patio home, townhome, or even a single-family residence, but because of the way the land was developed, recorded, lenders will consider them as condominiums and they must meet specific rules.
What defines a condominium? 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 Counsel Mortgage Group!