← Glossary
Buying and selling
Planned unit development (PUD)
A community where you own your home and its lot, plus a share of common areas run by an HOA. Lenders treat PUDs differently from condos.
Also called: PUD
Related terms
Homeowners association (HOA)
The organization that runs a condo, townhouse, or planned community. It collects dues, maintains common areas, and enforces rules that owners must follow.
Condominium
A home where you own your unit and share ownership of common areas like halls, roofs, and grounds. An HOA manages the building, and monthly dues cover shared costs.
Townhouse
A multi-level home that shares one or more walls with neighbors. Depending on the legal setup it may be owned like a house with its own land or like a condo.
Single-family home
A standalone house built for one household on its own lot. The owner typically owns both the building and the land.