PLANNED UNIT DEVELOPMENT (PUD) RETOTD Episode 00155

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PLANNED UNIT DEVELOPMENT (PUD)

A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.

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