A PUD in Las Cruces is a Planned Unit Development. PUDs and Condominiums are both very similar and are both Common Interest Developments; created to allow builders to build more homes that are affordable in a smaller area.PUD Townhomes in Las Cruces
A common misconception about Condominiums and PUDs is that they are both types of interests in land not descriptions of physical styles of buildings. Therefore, when people say that they are buying a townhouse, it is not the same as saying that they are buying a condominium. When they say that they are buying a unit in a PUD, they are not necessarily buying a single-family detached home. A townhouse might legally be a condominium, a unit or lot in a Planned Unit Development, or a single-family detached residence. The terms Condominium or PUD will say much about the ownership rights the buyer will receive in the unit and the interest they will acquire in the common properties or common areas of the development.
Common interest developments offer many perks to homebuyers, such as low maintenance and access to coveted amenities. However, there are restrictions and duties which come with ownership of a Condominium or PUD that buyers should be aware of before they buy.
Following are some Frequently Asked Questions:
- What are the basic differences between ownership of a Condominium and ownership of a PUD?
The owner(s) of a unit within a typical Condominium project owns 100% of the unit, as defined by a recorded Condominium Plan. As well, they will own a part of all common areas of the Condominium project.
The owner(s) of a lot within a PUD owns the lot which has been conveyed to them-as shown in the recorded Tract Map or Parcel Map-and the structure and improvements thereon. In addition, they receive rights and easements to use in common areas owned by another, usually a Homeowner’s association, of which the individual lot owners are members.
- Of what importance are CC and R’s and Bylaws?
CC and R’s and Bylaws are the rules and regulations of the community,there to guide the use of individual properties and common areas. Buyers should be aware that CC and R’s and Bylaws may be written so as to restrict not only property use, but also to restrict owners’ lifestyles, for instance, spelling out hours during which entertainment, such as parties, may be held.
CC and R’s and Bylaws are very important and should be thoroughly reviewed and understood before purchasing. They bind all owners and their successors to the rules and regulations of the community. Failure to follow those rules and regulations can be considered a breach of contract. Legal action may be taken against the homeowner for any such breach.
- Should I object to items included in the CC and R’s and/or Bylaws, will I have the opportunity to terminate those items prior to taking ownership?
No. The process required to terminate these restrictions is often complex and expensive. Termination of restrictions will necessitate, at least, a majority vote by members of the Homeowner’s association, and may require litigation.
If you’re looking to purchase a PUD in Las Cruces, contact us today!