[cmsmasters_text shortcode_id=”qpaixkv9c4″ animation_delay=”0″]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.
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[cmsmasters_text shortcode_id=”lv1bfh8mp8″ animation_delay=”0″]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.
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[cmsmasters_text shortcode_id=”6n12wjvl7″ animation_delay=”0″]If you are unsure whether the property you are purchasing will be considered a condo, contact Counsel Mortgage Group!
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We offer a variety of products and services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
480-502-1000
www.counselmortgage.com
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873
Copyright © 2020 Counsel Mortgage Group®, LLC.
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