Demystifying the Confusion about Detached Condominium Ownership NEW 2023
Most realtors have never heard of a “detached” or “site” condominium. Failure to understand this type of ownership causes realtors to incorrectly describe their listing on the MLS as well as causing appraisers, lenders, and taxing entities to incorrectly estimate the value of the property. Attendees will learn how to recognize when a property is a detached condominium, properly disclose it, and overcome transaction problems associated with this unique style of ownership.
Why Relevant: The lack of knowledge about detached or site condominiums among Texas Realtors is profound. Realtors, broker-owners, managers, MLSs, Associations, appraisers, lenders and taxing authorities are almost all unfamiliar with this style of ownership. This has resulted not only in massive confusion within the real estate community, but serious misrepresentations being made to consumers.
Agents who complete this session will be able to:
- Define detached/site condominium ownership and identify its components, including land, structure, and substructures.
- Accurately list and describe detached/site condominium properties on the MLS.
- Ensure proper disclosure to all relevant parties including buyers, sellers, appraisers, and lenders regarding this unique style of home ownership.