The Property Sub Type, Structure Type, and Common Interest fields all work to ensure that the nature of the property and the type of ownership are clear. Defining the overall structure, which part of the structure a seller is selling, and how ownership is held clarifies the listing for other real estate professionals.
Here are some examples of field combinations that describe different properties and types of ownership:
|Property Sub Type
The many possible combinations will help you to correctly describe the property. The system will automatically warn you if you use an invalid combination.
The following Q&A will help you to better understand each field.
Q: How do I correctly determine the Common Interest for my listed property?
A: Common Interest describes the type of ownership in the property being offered for sale. It is consistent with the ownership types Louisiana law recognizes.
- None: There is no common interest aspect to the ownership of the listed property.
- Condominium: Use this when selling a Unit as defined within a condominium plan. The condominium owner received title primarily to a cube of airspace without receiving undivided ownership of any underlying land or structural improvements as part of the individual ownership. The Property description in the deed usually references a “Unit.”
- Planned Development: Ownership includes an individual interest in a parcel of land, usually a subdivision lot, as well as the structural improvements situated on the lot and a common ownership interest in some common area. While a Planned Development (sometimes called a Planned Unit Development) and a Condominium may look similar, the distinguishing characteristic of a PD/PUD is the ownership of an individual parcel of land. The property description in the deed usually references an individual “Lot.”
- Stock Cooperatives: These properties are corporation-owned. Instead of buying a unit, buyers purchase shares of stock that give them the right to occupy a particular apartment once they sign an Occupancy Agreement or Proprietary Lease. Because the arrangement is more akin to a landlord-tenant situation, the corporation’s board of directors can screen buyers to determine if they are financially stable enough to buy into the development.
- Community Apartment (also known as “own-your-own”): A development in which members own the entire project in common (including the units) and each has an exclusive right to lease an individual apartment within the building.
- Time Share: An interest in real property, either perpetual or for a term of years, coupled with a right to use the accommodations.
Q: How do I correctly determine the Structure Type for my listed property?
A: The Structure Type field is intended to describe what the physical building looks like. This is not necessarily what the seller is selling, but rather encompasses the entire building structure for which the sold unit may only be a part.
- A “Duplex” is any building that contains only two units (e.g. two attached SFRs.) This is not two separate structures on a lot.
- A “Triplex” is where the building contains exactly three attached units or SFRs.
- A “Quadruplex” is where the building contains exactly four attached units or SFRs.
- A “Multi Family” structure is anything with five or more units.
- A “House” is a standalone structure with only one kitchen on its own lot.
Structure Type focuses on what the entire building looks like, not on ownership interests or use.
Property Sub Type
Q: How do I correctly determine the Property Sub Type for my listed property?
A: The Property Sub Type describes what type of property is for sale. This will be the type of property the buyer will own upon close of escrow.
Buyer agents rely on this description to determine which properties will meet their buyers’ requests. Under the concept of broker cooperation, listing agents have a duty to properly categorize the Property Subtype so that buyer agents do not show a Property Subtype that fails to meet their buyers’ specific instructions. This is also the description that your MLS will send out to syndication and IDX websites.