How many determinations do I need? September 2013

Transcription

1 Hw many determinatins d I need? September 2013

2 Hw Many Determinatins?: Fr cmpliance purpses, a gd rule f thumb is: Every single family residence requires its wn Fld Cert, there are, f curse, a few lphles and exceptins as fllws: Duplexes: Defined as a 2-family residence within the same single structure, whether wned r rented, but nt classified as a cndminium If each half is wned by tw separate parties, each half wuld have it s wn mrtgage anyway and wuld therefre have it s wn Fld Cert as well; but If each half is wned by THE SAME PERSON, they are allwed t have ne Fld Cert t cver bth units in the same building Example 1: Duplex addressed as st Ave 2 parcels 1 building wned by ne party Can be returned as an address range n ne determinatin st Ave OR - Can be returned as 2 separate determinatins if the client s chses 200 1st Ave n ne determinatin and 202 1st Ave n a separate determinatin Example 2: Duplex addressed as st Ave 2 parcels 1 building wned by tw parties Each parcel wuld need its wn determinatin 200 1st Ave 202 1st Ave Cndminium Units/Cmplexes: Defined as That frm f wnership f real prperty in which each unit wner has an undivided interest in cmmn elements Each Unit needs it s wn Fld Cert; be sure t include the unit number n the determinatin, and may need t check with client that they nly need this particular unit t be addressed; the reasn is that each Unit has the same amenities/furnishings as a single family residence, and is therefre cnsidered t be a single family residence, n matter wh wns it n matter if separate wner per Unit, r wned by a single Cmpany, same rule applies 2

3 If Land Only; Apartment Cmplexes: Twnhuses: We can prcess the entire Prperty as 1 Fld Cert, but if any part f the entire prperty tuches the fld zne, the whle thing wuld be said t be IN; r We can prcess the Lt with it s wn fld cert, but nce cnstructin starts, each unit within each building wuld require it s wn anyway (we wuld still state whether any part f the land is in the fld zne); it is assumed that nce cnstructin starts, the individual units wuld be sld ff and each individual wner wuld have their wn mrtgage (and therefre there wn cert anyway); Each Apartment Building within the cmplex will need it s wn Fld Cert; be sure t include the building number and/r apartment numbers in that building (yu must include the Building Number if any buildings in the cmplex have the same apartment number in them ) Defined as a multi-family residence, split up as separate Units, but nt classified as a cndminium ; a.k.a. rwhuse Each Twnhuse Unit needs its wn Fld Cert; again, each Twnhme Unit has same furnishings/amenities that a single family residence des and is therefre cnsidered t be such they WILL NOT be cvered under a RCBAP accrding t Article 10.E.2 Office Cnds: If Land Only: See explanatin under Cnds Land Only (abve) Defined as a nn-residential structure used fr ffice/business purpses Each Building needs its wn Fld Cert, n matter hw many units are in that ne building; be sure t include all ffice unit numbers, r all addresses in that particular building; Multiple Structures: Examples f Primary Structures: Huse, Mbile Hme, Cmmercial Building, Htel, Restaurant Examples f Secndary Structures: Detached Garage, shed, barn (may need t ask bank which structures are securing the lan), Ask yurself if all Structures are Primary ; 3

4 If yes, Each primary structure wuld require its wn Fld Cert, s each Cert wuld be dne as t whether each structure individually is in the fld zne If N, it will be ne Fld Cert, but will state whether any f the buildings are in the Fld Zne, If any building is in the Fld Zne, the Fld Zne will be returned as IN Include a Cmment stating which structure is in which Fld Zne Example 1: Apartment Cmplex 1 parcel 6 buildings Each building wuld need it s wn determinatin Example 2: Residential Each primary structure needs its wn determinatin and secndary structures can be included Scenari 1: Huse, Detached Garage & Barn = 1 determinatin Scenari 2: Huse, Guest Huse/Bat Huse, Detached Garage = 2 determinatins Huse and Guest Huse/Bat Huse are each a primary structure, therefre they need their wn determinatin and the detached garage can be included n either determinatin Example 3: Cmmercial Each structure will need its wn Scenari 1: Strage Facility each structure needs it s wn Scenari 2: One ffice, 1 warehuse, 1 three sided ple shed = 2 determinatins Office = 1 determinatin Warehuse = 1 determinatin Ple shed des nt cnstitute as an insurable structure therefre it wuld nt need it s wn, and can be added if the client wants. Mbile Hme Parks First, figure ut if this is fr ne lt in the Park, all lts in the Park including the mbile hmes, r just fr the land in Park excluding the hmes? If they d nt specify, please call and ask, as we are trying t ensure their cmpliance, as well as, stay cnsistent s they understand their cmpliance. If fr just 1 Mbile hme in the Park: d 1 determinatin. Be sure t include the Lt/Unit number 4

5 If fr just the land in the Park itself, nt fr any f the MHs: d 1 determinatin. Be sure t include "Land Only" If fr all the Mbile Hmes in the Park: d 1 determinatin PER each Mbile Hme (i.e. if there are 10 MHs, d 10 dets). Be sure t include the Lt number n each ne 5 Wlters Kluwer Financial Services