planned unit development (PUD)

Definition

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.

Use this term in a sentence

You should try to make sure that you understand what is expected of you when you enter into a planned unit development.

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The condo complex was the first planned unit development to offer an indoor pool and fitness center in the mountain resort community.

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There was planned unit development between them and the people, which meant the individuals actually owned the property they lived in.

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replacement reserve fund common area assessments