The distinction between condominiums and townhomes escapes a lot of folks. And many North Carolina agents, too.
So I did a little Real Estate Show test from photos of buildings in Raleigh, Cary, and Apex, NC.
Play the real estate show below and on a piece of paper indicate whether each of the 15 structures in the photo is a condominium or townhome.
See, you can't really tell by looking at a building.
You MUST look at the legal description to determine whether you are looking at a condominium or a townhome.
The difference is not the appearance of the structure, but how it is legally described and titled.
Since it can be very difficult to borrow money on a condo, it is certainly clear that the agent, and the seller and buyer know what animal they are dealing with.
After taking the test, hit the "Details" button to see how you did. Answers are listed for 1-15.
Tomson Burnham, llc Licensed in the State of Oregon - Salem, OR
Principal Broker/Owner, M.S.
We have some houses here that are condos. It is hard for some people to understand that a house can be a condo because of the way it is titled.
Mar 31, 2009 04:52 AM
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate
Melina,
Yep. Also, it is hard for folks to understand when their agent writes "Townhome" on an offer, and after inspections and appraisal, it turns out to be a non-warrantable condominium comples, and the lender walks away.
It is worse if that is after the mortgage contingency has expired.
Mar 31, 2009 04:56 AM
Keller Williams Realty - Spartanburg, SC
Realtor - Spartanburg, SC
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate
Raleigh Cary Realty - Apex, NC
Realtor, North Carolina Buyer & Seller Specialist
Great presentation Mike. We thought the description they gave us in Real Estate school was enough. Apparently some builders didn't remember that part. And no fair throwing in the pix of the hotel going up or apartments!
Apr 01, 2009 12:56 AM
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate
Linda,
LOL....
Played this one at team meeting yesterday, and the Hotel got a rise out of folks.
Apr 01, 2009 02:39 AM
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