Condos, Common Wall and Zero Lot Lines
One of the most common listing questions we are asked at the MLS is, "Can I cross list my common wall/zero lot line/townhouse listing into Condo?"
When the MLS says "NO," you cannot cross list residential into condo (or condo into residential), the next question is, "Why not?"
The logical reason is that a condo has NO LAND associated with buying the home. On the legal description, it is a UNIT within a condominium association. A townhome or residential home with zero lot line, or common wall, has an actual parcel of land that is included in the sale. In this case, a home cannot be cross-listed, because IT CANNOT BE BOTH A CONDO AND A RES/SITE BUILT PROPERTY.
While the MLS sees this as an issue of how to correctly list a property, AGENTS see this as a marketing issue. Many agents think that if they can cross list into both subtypes, people will be able to find their listing easier.
As we encounter new types of properties that do not fit into our traditional definitions, we need to discuss how we can adapt to the changing marketplace.
One suggestion has been to add these details:
Zero Lot Line: Yes or No
Common Wall: Yes or No
Homeowner's Association: Yes or No
Also, to have a 0.0 acre Lot Size:
0.0 - 0.0 acre
0.01 - .25 acres
What do you think? Would these changes make it easier for you to find these properties? Or, should we just keep everything as is? What changes would you suggest?
This is your chance! Let us know how we can best help you list and sell these properties.
Jeannette Biddle, Executive Officer
When the MLS says "NO," you cannot cross list residential into condo (or condo into residential), the next question is, "Why not?"
The logical reason is that a condo has NO LAND associated with buying the home. On the legal description, it is a UNIT within a condominium association. A townhome or residential home with zero lot line, or common wall, has an actual parcel of land that is included in the sale. In this case, a home cannot be cross-listed, because IT CANNOT BE BOTH A CONDO AND A RES/SITE BUILT PROPERTY.
While the MLS sees this as an issue of how to correctly list a property, AGENTS see this as a marketing issue. Many agents think that if they can cross list into both subtypes, people will be able to find their listing easier.
As we encounter new types of properties that do not fit into our traditional definitions, we need to discuss how we can adapt to the changing marketplace.
One suggestion has been to add these details:
Zero Lot Line: Yes or No
Common Wall: Yes or No
Homeowner's Association: Yes or No
Also, to have a 0.0 acre Lot Size:
0.0 - 0.0 acre
0.01 - .25 acres
What do you think? Would these changes make it easier for you to find these properties? Or, should we just keep everything as is? What changes would you suggest?
This is your chance! Let us know how we can best help you list and sell these properties.
Jeannette Biddle, Executive Officer
Labels: Cross-Listing Condos
posted by YAR MLS Talk at
9:50 AM
|
4 Comments
