Am I Buying A Condo Or A PUD?

Am I Buying A Condo Or A PUD?

What is the difference between a PUD and a Condo? More clearly stated, what is the difference between a Planned Unit Development (PUD) and a Condominium?

While these types of homes may look alike in physical appearance, their differences are in the legal structure of the association that binds these units and their owners together. In a PUD, the unit owner also owns the land surrounding or assigned to that particular unit while a Condo owner owns a portion of the total land of the development as well as a divided interest in the shared spaces of the community such as pools, recreation areas, walkways, elevators,etc. Both PUDs and Condos are covered by a Home Owners Association (HOA) and owners are required to become members of that association.

PUDs and Condos can be attached or detached. Many people assume that all attached dwellings are condos and all detached homes are "single family". The truth is that there are detached homes that belong to a HOA and there are attached homes that are legally classified as single family. These determinations can effect the type of financing options available to new owners.

For example, FHA has set up guidelines for Condos regarding the numbers of renters to owners in a HOA as well as the financial stability of that same HOA. Typically, less that 50% can be tenant occupied and no more than 15% of the home owner acounts can be delinquent. These guidelines do not apply when the unit being considered is a PUD.

An easy way to tell if a development is a condo or PUD is to check the Accessor's Parcel Number (APN). In Orange County, CA, the parcel number begins with "9" if the unit is a condo. Any other digit indicated a different type of property; 9xx-xx-xxx is a condo.

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John Alesi - REALTOR®

949-510-2154

CENTURY 21 Superstars

Search for homes at: www.YourOCHome.com

DRE# 01730187

Copyright 2011 by John Alesi. May not be copied with out consent.

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Environmental Tips from the EPA

Environmental Tips from the EPA

ENVIRO-TIP OF THE MONTH

Test your home for radon. Radon is an invisible radioactive gas that causes lung cancer. Testing is the only way you can know if your home contains high radon levels. Test, Fix, and Save a Life - January is National Radon Action Month.
http://www.epa.gov/radon/radontest.html

WHAT YOU CAN DO, WHAT YOU CAN USE

Welcome MATS - learn more about how the new Mercury and Air Toxics Standards will help protect health for you and your children. By cutting air pollution from power plants, MATS is expected to avert hundreds of thousands of premature deaths, heart attacks, and asthma attacks every year.
http://yosemite.epa.gov/opa/admpress.nsf/names/hq_2011-12-21_Mercury

Green after the Holidays! It's always the right time to give a gift to the environment and it's easy!
-Pick 5 for your New Years Resolution! Healthy resolutions easily partner with helping the environment. Get Inspired. Get involved. Decide to act, share, and maintain.
http://www.epa.gov/pick5/

-save energy and recycle more at holiday parties and other activities.
http://www.epa.gov/osw/wycd/funfacts/holidays.htm

-got new toys? eCycle your old cell phone, computer, or TV!
http://www.epa.gov/osw/partnerships/plugin

-the tree might not be green anymore but you can recycle it in environmentally friendly ways!
http://www.epa.gov/epawaste/inforesources/news/2003news/12-trees.htm

Mission Viejo Farmers Market Opens January 13

Mission Viejo Farmers Market Opens January 13

The new Mission Viejo Farmers Market opens at 9 a.m. on Friday, January 13 in the Civic Center courtyard boasting fresh produce, homemade food products and living products produced by Gary Matsuoka.

The weekly market will boast fresh produce, fish, meat, cheese, breads, baked goods, specialty food, gift baskets, flowers and more from these vendors:

Abigail’s Smokehouse - Smoked Fish, Spreads, Fish Jerky
Abigail’s Fresh Fish - Catch of the Day
Angel Bite Cookies - Gourmet Cookies
Apson Farmers - Vegetables & Herbs
Baba Foods - Hummus/Mediterranean Food
Basement Table - Gourmet Chef
Basil Top - Basil
Buma Farms - Produce
Chubby’s Concession - Lemonade
Dolce Manachelli - Gourmet Cakes
Do Le Ranch - Meat, Poultry
Drake Family Farm - Goat Cheese
Fresh Baked Gourmet Bread
Gary & Nancy Matsuoka - Laguna Hills Nursery
Gaytan Farms Inc. – Produce
Hopkins Almonds - Flavored Almonds
Jamie Taylor - Kettle Korn
Jessie - Vegetables
Kokopellis Wellness - Natural Oils, Soaps
Mangi Con Amore - Italian Prepared Foods
Mr. Arelgo - Flowers
Mr. Corn Tamales - Mexican Tamales
Natures Tasty Treasures - Pure Raw Honey & Fresh Roasted Peanuts
Riverside Farm - Produce
Salsa by Liz - Chips & Salsa
Smith - Organic Fruit
Summerland Catering - Gyro Sandwiches
SunnyCal Farm - Produce
The California Olive Company - Olive Oil, Avo Oil
Ti Amo Biscotti - Biscotti Cookies, Gift Baskets
TJ Pizza

Hours & Location:

Fridays from 9 a.m. to 1 p.m.
Open Rain or Shine
Free Parking and Admission

Mission Viejo Civic Center
200 Civic Center
Mission Viejo, CA 92691

The market will be open from 9 a.m. to 1 p.m. every Friday and will feature live entertainment the first Friday of the month. The grand opening day will include the talents of singer/songwriter Phillip Bardowell.

For more information about the Mission Viejo Farmers Market, visit cityofmissionviejo.org/farmersmarket.