Profile picture for sukhipatiala

townhome vs condo

hi guys i am real tense right now i am in the process of buying a townhome by ryan
homes in woodridge falls pennysalvania.when i sign the contract i was told its a town house.all the advertisement and mls says town house.even infront of the community
it says luxuary townhomes by ryan homes.but now everything was done and only
three days were left to close and my mortgage broker find out that these townhomes
look like a town homes as they are three story town homes with one car garage but
they are considered as condos and now i have to to get a condo loan and my interest
rates will go up and closing costs will go up to.when i called in ryan homes they said i
its town home but condo facilities but you  own it as a condo like in condo you dont
own the land that the house it sits on,even my realtor does not know about it.
guys i need to know what should i do now .i really like the house as i have  already
done a walk through as its  brand new house by ryan homes.please advise me what
should i do.
thanks
  • August 05 2012 - Easton
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Answers (7)

I'm wondering who represented you? The agent for the seller or did you bring in your buyer agent? If you used the sellers site agent and they misrepresented something you may have some leverage. If you had your own buyers agent they might be able to locate where the confusion is coming from. But the ownership is what you need to focus on, not the style of home and how that affects your decision or ability to buy. This late in the process your options might be limited. If in doubt consult an attorney...fast
  • August 06 2012
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Profile picture for user3711246

For someone about to buy something as significant as a home, this should not be coming as a surprise. Sounds like you didn't do your research…nor did your mortgage broker. If you love the home, and the rates don't impact your ability to qualify, you should still buy it. However, it doesn't sound like you have a clue as to what you are getting yourself into.

  • August 06 2012
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People often confuse the terms condo and townhome.

As has already been pointed out, townhome is a STYLE  - you ARE buying a townhome styled building........ the form of ownership is a condominium.

What I don't understand is why this wasn't made clear to you.
You know there is a monthly maintenance fee, often referred to as an HOA......I am sure you were told that most, if not all, exterior items are taken care of through the homowners association............your mortgage rep should have known what type of development it is.....certainly, your agent should know......this isn't a secret!

So............. the idea that this revelation is such a huge "surprise"  to everyone......  is rather surprising to me!

You ask what you should do now........well.....if you love it, buy it.
  • August 05 2012
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Sold under false info and lack disclsure, you have a right to get out. Talk to your realtor bromer and be firm or get a lawyer.
  • August 05 2012
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Profile picture for user98269812
Dear Sukhi,

 If the initial agreement is not factual and this house is not offered at very good price means at discount. Then just cancel it and go for some other property. You cannot buy a house every day so just think about the available options. If you are not loosing any money and feel cheated by the broker or builder just don't go for this house as it will always pinch you. Find a new realtor or Agent and go for  another one as before Xmax prices will remain in same range.
     
  • August 05 2012
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even my realtor does not know about it

Get a new Realtor...
  • August 05 2012
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Profile picture for CCarron
"Townhouse" is a style of home, not a form of ownership.  Let me explain. A townhouse has a front door that is accessible without going through a common front door/hallway, and has more than one story.  Some townhouses are "fee simple" meaning you own the structure and the land. Others are part of a condominium, meaning the condo association owns the land and the structures and you own the interior.  I lived in a condo town house for 12 years.  I appreciated the fact that my condo fee paid for all the exterior maintenance, insurance on the structure, roof repairs, landscaping, snow removal, etc. Unfortunately, condo financing has become more difficult, particularly for buyers with small down payments. I'm not sure what you are asking, in view of the fact that you already have a contract to buy the townhouse.  Unless the builder hid the fact that it was a condominium, you do not have the right to cancel.
  • August 05 2012
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