What the PUD
PUDs are one of those weird real estate terms that most people pay no attention to. But on one of the latest disclosure forms that the state requires to be signed in a real estate transaction, to inform whether a home is located in a PUD is now mandatory.
So what is a PUD, exactly? According to Wikipedia,
PUDs tend to incorporate single-family residential uses within close proximity to two-family units and multiple-family dwellings to form a larger diversified neighborhood concept. Schools, churches, retirement homes, hospitals, and recreation facilities begin to find their way into residential districts. Residential districts also tend to use the best land in the community and the most favorable sites are protected from commercial and industrial uses.
These Planned Unit Developments are designed to enhance compatible land uses so that housing, recreation, and retail are located within one development. Sometimes industrial parks are also in the same area. When I lived in Lexington, Ky. the local government okayed a PUD named Beaumont Center. Previously a field of waving grass, we heard that up to 20,000 people would live there - a community within a community. We started to see apartments, then a liquor store and party barn, restaurants, and finally homes began appearing. Today it is a thriving community with hotels, shopping, a city library, and affordable homes. I would live there in a heart-beat!
So why would you have to disclose if a home is located in a PUD? Because the buyer should be informed in advance if there are any restrictive covenants, homeowner bylaws, and master deeds that can impact how they live. For example, can they have a storage building? What if they want to have a yard sale? By disclosing the rules and regulations within the PUD, a buyer comes in with their eyes wide open and this is how it should be on behalf of the buyer and to avoid liability as a Realtor.
So what the PUD. Find out if you’re buying in a PUD!
