We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.
What is a PUD?
A “PUD” is real estate jargon denoting a Planned Unit Development. A PUD exists when the property is an attached dwelling unit with common property for the unit owners, and is not designated as a condominium. There is a mandatory membership in the Homeowner’s Association with mandatory dues.
The appearance of the community does not determine whether a complex is a Condominium or a PUD; it is a matter of ownership and the language in the deed restrictions and the CCRs. Local zoning is not the determining factor either. Don’t rely on the MLS as mistakes can appear.
The terms Condominium and Planned Unit Development are not synonymous as each mandates different rights and responsibilities upon the owner. Carefully examine the Bylaws, Covenants, Conditions and Deed Restrictions to know your rights and duties. This matters because the type of ownership affects your available options for financing and insurance.
Looking for a Real Estate Expert?
Our team has a combined 55+ years of experience helping home buyers understand the r. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.