PUD or HPR/Condo?

[BRVA2016]

Indiana.
What differentiates a HPR/Condo from a PUD in Indiana? If this is too vague a question, I’d be happy to provide whatever details are needed. Thanks!

 

[Zigner]

Frankly, your question (exactly as written) is better suited for a web search engine such as Duckduckgo.com or Google.com.

 

[BRVA2016]

I’ve actually googled it and it doesn’t seem clear at all. My hope was that someone here (familiar with Indiana property law) could shed some light.

 

[quincy]

I’ve actually googled it and it doesn’t seem clear at all. My hope was that someone here (familiar with Indiana property law) could shed some light.

Enter “Indiana PUD v HPR/Condo” into your search bar and you will run across many sites that detail the differences.

 

[BRVA2016]

Enter “Indiana PUD v HPR/Condo” into your search bar and you will run across many sites that detail the differences.

As I’ve stated, I’ve done just that and it’s still not entirely clear to me. I’ve been a member of this site for many years and have had many questions answered by attorneys familiar with specific law. I’m hoping that streak continues.

 

[Zigner]

As I’ve stated, I’ve done just that and it’s still not entirely clear to me. I’ve been a member of this site for many years and have had many questions answered by attorneys familiar with specific law. I’m hoping that streak continues.

Yours is not a legal question.

 

[quincy]

As I’ve stated, I’ve done just that and it’s still not entirely clear to me. I’ve been a member of this site for many years and have had many questions answered by attorneys familiar with specific law. I’m hoping that streak continues.

I already read over your posting history so I am familiar with your previous questions and the answers you’ve received in the past.

What exactly is your legal concern, if you are not merely asking about the differences between PUDs and HPR/condo associations? In other words, yes, your question was too vague and details would be helpful.

 

[BRVA2016]

I already read over your posting history so I am familiar with your previous questions and the answers you’ve received in the past.

What exactly is your legal concern, if you are not merely asking about the differences between PUDs and HPR/condo associations? In other words, yes, your question was too vague and details would be helpful.

My history actually goes back farther than 2009. It was a different screen name and I actually owned rental property at the time. I’ve gotten lots of useful information from this site
I’ll try to clarify:
Whether or not an FHA loan can be issued on property in Indiana is entirely dependent upon the legal classification of a particular structure. If it’s an HPR/Condo then they can, if it’s a PUD then they can’t. If this still doesn’t qualify as a legal question, I’ll go elsewhere. Thanks

 

[LdiJ]

Indiana.
What differentiates a HPR/Condo from a PUD in Indiana? If this is too vague a question, I’d be happy to provide whatever details are needed. Thanks!

PUD means Planned Unit Development. It can mean a lot of different things in the real estate industry. A Condo is what people traditionally view as a condo, which is multiple units within the same building. Typically though the owner of a condo does not own the land that the unit rests upon, and the owner of a unit in a PUD does. PUDs are often communities that are designed to be like a village, with shops and other commercial businesses within the community. However this is a very simplistic answer and you would need to study more on the issue to have a better idea of the bigger picture and the different types of PUDS that exist.

I am not at all sure that a unit being in a PUD would disqualify it from FHA financing. An ordinary single family home can be part of a PUD.

 

[Zigner]

My history actually goes back farther than 2009. It was a different screen name and I actually owned rental property at the time. I’ve gotten lots of useful information from this site
I’ll try to clarify:
Whether or not an FHA loan can be issued on property in Indiana is entirely dependent upon the legal classification of a particular structure. If it’s an HPR/Condo then they can, if it’s a PUD then they can’t. If this still doesn’t qualify as a legal question, I’ll go elsewhere. Thanks

I suspect that the unit(s) in question will have been registered with the relevant taxing authority as one or the other.

 

[quincy]

My history actually goes back farther than 2009. It was a different screen name and I actually owned rental property at the time. I’ve gotten lots of useful information from this site
I’ll try to clarify:
Whether or not an FHA loan can be issued on property in Indiana is entirely dependent upon the legal classification of a particular structure. If it’s an HPR/Condo then they can, if it’s a PUD then they can’t. If this still doesn’t qualify as a legal question, I’ll go elsewhere. Thanks

Fannie Mae, purchaser of many home loans, will treat neighborhoods with HOAs as PUDs, because with PUDs there is mandatory membership in a homeowners association and monthly or annual fees charged homeowners to maintain the common areas. That is the definition Fannie Mae works with.

Local governments, on the other hand, can define Planned Urban Developments as the name suggests - planned developments - which are designed in advance to accommodate mixed uses of the land, the mixed uses of which generally require zoning modifications or changes.

In Michigan, there have been several planned urban developments that operate essentially as small towns, with houses, retail and restaurant establishments, and neighborhood parks and pools. These were not built strictly as residential areas but instead purposely developed as compact communities. Detroit, Michigan (for another example) also has redesigned and repurposed old buildings downtown to combine upper level condos with street level businesses - PUDs with amenities offered the homeowners. Both types of PUDs have HOAs with monthly or annual fees charged to maintain common areas and with regulations to ensure some conformity.

In other words, the differences between PUDs and Condos often depend on who you ask and/or why you need to know.

 

[festival]

A condominium is created when the developer records a declaration with the county recorder. The deed for any condo unit should refer to that recording.

As Zigner points out, it should be classified as such by the tax assessor.

Are you asking because you want to buy a property? Why are you asking?

 

[zddoodah]

What differentiates a HPR/Condo from a PUD in Indiana?

Here's a bunch of things that "HPR" might stand for. I have no idea what you mean by it.

A condominium is a form of residential real property whereby the buildings and common areas are owned by an entity (often a homeowners' association), while individual unit owners own only the space within the interior walls (or, occasionally, also the space between the interior and exterior walls).

"PUD" stands for planned unit development. A PUD can consist of lots of different types of development (including condominiums).

this is too vague a question

Indeed, it is, and it's not clear that you even have a legal question. I suggest you provide a concise summary of the facts that led you to post here.

 

[quincy]

Here's a bunch of things that "HPR" might stand for. I have no idea what you mean by it. …

HPR stands for Horizontal Property Regime, which is a term that was once commonly used instead of condominiums.