Reply to What’s the worst/most expensive thing you’ve discovered was wrong after closing?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I thought I bought a townhouse but it was a condo. They only used the word condo in the legal paperwork. Of course it’s obvious to me now. [/quote]

I’m a transactional real estate attorney.  I used the draft condo and hoa association docs.  An HOA is legally a condominium turned sideways.  They are effectively indistinguishable.  What do you think is different about the two?[/quote]

And this is why every time someone says to just hire a real estate attorney, I laugh.

First, in a condo you don't own the land beneath you. In a townhome/HOA, you do. What this means for who maintains the common space and yard is definitely in the docs but owning land vs not owning the land is a pretty significant difference.

Second, in a condo you get "walls-in" insurance. In an HOA you have to insure the whole structure. Walls-in will only cover your contents and a per diem if you are displaced. However, it will not help your mental state when the insurance companies dick around with each other trying to decide who pays what. I've had clients displaced out of condos for 6 months when there was a flood and the insurance companies took their sweet time getting back to everyone.

Third, condos only require firewalls between every 4th tier typically. That means, if you're in one of those stick built garden style complexes and your neighbor torches the place with their cigarette, your home goes up in flames too. In a townhome, there are required firewalls between each unit.

There are other differences but I would say that not understanding you bought a condo over a fee simple townhome is a failure of many people in your transaction. I'm sorry. I do not do business like that. But I know morons who do.

xoxo, 
Agent X
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Yeah, I'm going with the lawyer here. I'm glad they taught you the term fee simple in your 40 hour real estate agent course. You're a typical arrogant agent with far too little education. [/quote]

Au contraire my small minded friend. Advanced degree over here. Tired of working for the man and decided to run my own gig.

The lawyer is totally wrong. But please go buy your next house with him/her and let me hear how they can argue that condos and townhome hoa’s are “basically the same.”
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