what is pud in real estate
Best answer
Planned Unit Development
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What is planned unit development (PUD)?
A Planned Unit Development (PUD) is a community of homes that could look like single family residences, townhomes or condos, and can include both residential and commercial units, but on paper, they檙e most similar to condos.
What is a PUD and how does it work?
PUDs can include both residential and commercial units and amenities open only to homeowners within them may include tennis courts, pools, playgrounds, or even a gated entrance to the neighborhood. Even the streets in the PUD neighborhood may be owned and maintained by the PUD, instead of tax dollars from the local community.
Can you tell if a property is in a PUD?
But in case they don, you can often tell a property is in a PUD ?even if it seems like a single-family home ?because it has HOA dues. Your lender will need to collect the above PUD HOA documents for review and approval. They will underwrite and approve a PUD just like a condo.
What is the difference between a PUD and a condo?
Like a condo project, a PUD will be operated by a homeowners association (HOA) to which every homeowner contributes monthly or quarterly fees based on their percentage ownership in the overall project. And also like a condo project, those HOA fees go toward covering amenities and maintaining services associated with that PUD.