When purchasing a Villa it is important to understand how villas differ from other real estate transactions.
• The purchaser of a villa acquires the ground directly underneath their portion of the building and their portion of the building subject to a shared wall with a neighbor (sometimes referred to as a “party wall”).
• The excess area of the lot is common ground that the subdivision association owns and maintains.
• The shared wall or party wall should have an agreement that is recorded dealing with maintenance/upkeep of said wall. This agreement can be outlined in the subdivision indentures or as a separate agreement.
• Because the purchaser owns the ground directly underneath their portion of the building, they will need a survey in order to get survey coverage.
• Most surveyors will only perform stake/boundary surveys in connection with a villa- so make sure you order early in the process.
• Villas are typically part of homeowners associations and may have a “First Right of Refusal” clause in their indentures. In this instance, the title company will need to get that signed off prior to closing.
• A purchaser of a villa will have a monthly maintenance fee that would be prorated at the time of closing.
Villas are very popular in today’s market and it is important to know how they differ from the typical single family home, condo or townhome. Please feel free to call with any additional questions you have regarding these transactions.
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