Planned Unit Development
Posted by PRO Wed, 14 Jun 2006 14:11:00 GMT
A residential project with mixed land use and high residential density. The developer plans the project and seeks local governmental approval of the proposed planned unit development (PUD) zone. To provide for maintenance of the common areas, a nonprofit community association is organized. The developer records a declaration of covenants and restrictions and records a subdivision plat reserving common areas for the members of the association but not for the general public. PUDs can be made up of single-family residences, condominiums, townhouses, and villas.
Characteristics of a PUD:
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There are no condo documents on file with the state.
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There is a homeowner’s association.
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A homeowner’s association disclosure is required.
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There is no right of rescission.
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Owner owns unit and land with share of common areas.
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Owners can be responsible for roofs and some or all of the exterior.
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A survey may be required.
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Owners are responsible for insurance (including flood).
Other required fields: If you select this ownership type, you must also complete the Homeowners Association Required field and the Annual Homeowners Association Fee field in the Tax Information Section of the Profile Sheet. You must also complete the Rules Section under Residential Features.