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Mortgage Basics

Planned unit development (PUD).

 

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A planned unti development is often confused with a condominium.  They had not the same.  In planned unit development a person owns his or her own living unit and lot, plus an undivided interests in common areas.  A condominium owner owns  his or her own living unit, but not his or her own lot.  A planned unit development is often referred to as townhouse development, but this is incorrect, as the townhouse is a type of architecture and not type of ownership.  In a planned unit development  no one is living in the airspace above or below the owner.