Buying or Selling a Home/??

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Expert: Jim Root - 6/12/2008


Question
I live in a cul de sac with 6 identical duplex homes called
condexes...each one is individual to the two owners, no fees,
association etc.
(ie. me and my neighbor are the assoc.of ours) SO now we are told we
are
paying double on the external coverage of insur as it is written as
commercial when a condex. The town hall confirmed it is residential
taxed
etc. the insure co. says to try and get rewritten as a 2 family and
the
policy will be cut in 1/2..where do we go to do this?

But this is outside of my expertise.  

Answer
KEL--

If a "CONDEX" is the same as a "ZERO LOT LINE" Home, I can help you some--but if it's not, I'll have to refer you elsewhere. Read on!

In many Real Estate "marketplaces," Duplex-style Buildings are placed on two side-by-side lots, with the "Common Wall" between the two separate Living Units right ON the Lot Line between the two lots!
Each of the two living units has it's own separate Legal Description and each unit is sold/owned separately! There's no Homeowners or Condo Association, but the two individual owners must execute/sign a "Common Wall" or "Party Wall Agreement" that has them sharing responsibility for the wall between the two units, the exterior of the entire building (roof and walls) and their 1/2 of the back and front yards, etc.

The ZERO LOT LINE Home usually CANNOT be rewritten as a 2-family Home! It has been approved for it's location as two ATTACHED SINGLE FAMILY LIVING UNITS and with two separate individuals owning each unit, such a "reclassification' would be impossible in most jurisdictions (ie. Zoning Codes, Building Codes, etc)

INSURANCE COMPANIES PROVIDE HOMEOWNERS INSURANCE ON Individual ZERO LOT LINE U-N-I-T's ALL THE TIME!If your CONDEX is what I've described as a Zero Lot Line Home, I think you need to find ANOTHER Insurance Company-- GOOD LUCK!

--JIM

P.S. If the CONDEX is NOT a Zero Lot Line Home, bujt something I've never heard of in my 35 plus years as a "Real Estate Professional, please let me know. You can contact me at:  real-t-pro@comcast.net  

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Jim Root

Expertise

How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!

Experience

Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!

Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).

Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.

Education/Credentials
Associate Degree in Real Estate Studies plus: Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years. Bachelors Degree in Mass Communications, Masters Degree in Education/Teaching

Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.

Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!

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