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Michelle’s Compliance Tips: Inaccurate Ownership Type

May 19, 2011  |  by Michelle

What is ownership type?

Ownership type refers to the legal ownership of the property, not the style or type of home. Ownership types include: Condo, Coop, Fee Simple, Ground Rent and Rental Apartment

Cause for Confusion:

My listing looks like a townhouse, why do I have to put it in as a condo? If the legal ownership type is Condo, you must enter it as such. You can then select “Townhouse” under style.

 

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