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#1764465 - 12/06/12 02:39 PM Existing subdivision
cricket Offline
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Joined: Mar 2010
Posts: 134
We have a request for a new loan for the purchase of an existing subdivision. The collater is 55 subdivided vacant lots and 3 unoccupied homes. The previous owner had sold three lots with homes and these are owned by other individuals. Does each lot within the subdivision require a flood certification or does a flood certification on the initial entire tract of the subdivision suffice?

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Flood Compliance
#1764486 - 12/06/12 02:52 PM Re: Existing subdivision cricket
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,935
Galveston, TX
You need a separate FHD on the three unoccupied homes since they will be titled individually, unless you are also financing construction on additional currently vacant lots. You don't need a FHD on vacant property.
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#1764493 - 12/06/12 02:55 PM Re: Existing subdivision cricket
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,962
Bloomington, IN
Each lot will have its own legal description therefore they would be classified as adjacent properties which would require a determination for each property.

However the vacant lots would not require a determination for the purchase unless a portion of the loan will be used to construct a building on the lot.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1764511 - 12/06/12 03:10 PM Re: Existing subdivision cricket
cricket Offline
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Joined: Mar 2010
Posts: 134
So if I understand correctly,
1. FHD is needed on the unoccupied homes that will be secured by this loan
2.No FHD on the three homes that are occupied and owned by other individuals that was previously sold in the subdivision 3.No FHD on the balance of the vacant subdivided lots

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#1764519 - 12/06/12 03:16 PM Re: Existing subdivision cricket
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,935
Galveston, TX
Correct.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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