The Home Owner Association (HOA) Residence – Planned Development

If the project is not a community apartment, a stock cooperative, or a condo, but it does have a common area and the ability to assess members, it is a planned development. One usually imagines that planned developments are track houses, but planned developments can be attached as well. In fact, townhouses can be planned developments. Again, you have to check the deed and the CC&Rs. CC&Rs usually identify the type of common interest development. In planned developments, they identify the buildings as “lots.”

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

The Home Owner Association (HOA) Residence – Condominium

In a condo, the property is split into two theoretical parts. There is the residential component, or the “units,” which the law refers to as “separate units.” Everything else that is not the unit is referred to as “common area.” The separate interest or units are usually defined by another recorded document, the Condominium Plan or Subdivision Map. The exact specifications of the unit may vary – it may be the airspace inside the walls of the building or it may include the building but not the land under it. Be aware that balconies or patios may or may not be part of the unit.

There is a mistaken belief that condos are always attached housing – this is not true. There are several older cottage-type complexes in Pasadena that are individual detached homes that are condos. You must always check the deed and the CC&Rs. A condo also is determined by the name of the separate real property interest that is conveyed. If the deed conveys a “unit” and an undivided equal interest in the common area, it is a condominium.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

The Home Owner Association (HOA) Residence – Stock Cooperative

The stock cooperative is commonly known as a coop. In a coop, the association is usually incorporated and the association owns the property. Each member owns a share in the association, which is coupled with the right to occupy a given residence.

Coops are not very common in California and I cannot think of a coop in Pasadena. However, they do exist and you should be aware of them and how they operate.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

The Home Owner Association (HOA) Residence – Community Apartments

The community apartments or “own-your-own” is the simplest form of common interest development. The property is undivided legally, but the one piece of real estate has multiple residences on it. Each owner receives a deed, but not for their given residence. Instead, the owner receives a deed as a tenant in common on the entire property. In addition, the owner receives an easement or license with that deed, which details which dwelling the owner will occupy.

Although this is not very common in Pasadena, it does exist. I know of specific properties that still exist around Pasadena. These units are more difficult to get a loan on, and many lenders do not like community apartments because they have limited recourses on which to get their money back should the owner have financial difficulties. Do they take action on the entire project since the owner is only a tenant in common? Because of these types of issues and other issues, many of the properties that are community apartments are trying to convert to condos.

I would generally advise against buying a community apartment if you can. It is much easier to buy a condo. Condo laws are also much more defined. However, if you love the project, I just be aware of the issues surrounding a community apartment so you do not get blindsighted.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.

The Home Owner Association (HOA) Residence – What are the different types?

Over one third of the homes in the state of California are a type of common interest development (CID). In addition, almost all new housing developments in the state are CIDs.

Be careful not to judge a property based upon the appearance. You must look at the paperwork! There are stand alone homes that are actually part of HOAs. You have to look at the covenants on the property (also referred to as CC&Rs) to ascertain what of the four types of property that you might have.

The four types are community apartment, stock cooperative, condominium, and planned unit development / planned development. The real estate interest in each type is entirely different and you need to consider each type before you buy.

We will be covering each of the types in subsequent installments.

To find out more about more about condos or real estate in Pasadena please visit our agent web site at http://www.DavidandPei.com or you can call us 626.922.4268 for a no obligation tour of Pasadena neighborhoods and its fantastic new construction and resale condos and townhouses.