Closing on new townhouse bank is asking for lot size?

Jul 20th, 2021 9:35 am

#1

Palidino [OP]: Deal Addict; Feb 17, 2012; 2054 posts; 781 upvotes; ORLEANS

Jul 20th, 2021 9:35 am

Closing on new townhouse bank is asking for lot size?

Hello,

Closing on a townhouse in 2.5 weeks. Bank is asking for the size of our own townhouse lot. But in the contract with the builder, the sizes they gave us is for the entire 5 ROW townhouse building lot. I need mine specific. I already asked the builder to provide it yesterday but still waiting for there reply. Is this normal for the bank to ask?

Jul 20th, 2021 9:37 am

#2

cloak: Deal Addict; Sep 2, 2009; 2835 posts; 2864 upvotes; Ottawa

Jul 20th, 2021 9:37 am

They would want to know that information - yes (to know what they are actually financing and getting appraised)

Jul 20th, 2021 11:21 am

#3

bomber17: Deal Fanatic; Apr 5, 2016; 6077 posts; 4564 upvotes; Calgary/Vancouver

Jul 20th, 2021 11:21 am

This is an attached townhouse or detached? There is no lot size to enter if attached, you just use the townhouse's sqft. Your lender seems like an idiot lol. It's treated the same like a condo.

+1

Jul 21st, 2021 10:01 am

#4

Palidino [OP]: Deal Addict; Feb 17, 2012; 2054 posts; 781 upvotes; ORLEANS

Jul 21st, 2021 10:01 am

bomber17 wrote: ↑ This is an attached townhouse or detached? There is no lot size to enter if attached, you just use the townhouse's sqft. Your lender seems like an idiot lol. It's treated the same like a condo.

It’s a attached townhouse with 5 units. The lender is rbc. I followed up with the builder, they said I would get a surveyors lot plan when closing that would give me the exact measurements. But that is to late! They asking the drafting department to see if they can draft something up to please rbc.....

Jul 21st, 2021 10:06 am

#5

cloak: Deal Addict; Sep 2, 2009; 2835 posts; 2864 upvotes; Ottawa

Jul 21st, 2021 10:06 am

bomber17 wrote: ↑ This is an attached townhouse or detached? There is no lot size to enter if attached, you just use the townhouse's sqft. Your lender seems like an idiot lol. It's treated the same like a condo.

There definitely can be a lot size if they are "attached".

Do you mean freehold or stacked?

+1

Jul 21st, 2021 10:58 am

#6

BrokeMillennial: Member; Jan 7, 2019; 368 posts; 375 upvotes

Jul 21st, 2021 10:58 am

If this is a pre-construction townhouse, should the promotional material have a breakdown of each lot and size?

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Jul 21st, 2021 11:06 am

#7

StatsGuy: Deal Fanatic; Dec 20, 2018; 8798 posts; 8391 upvotes

Jul 21st, 2021 11:06 am

Palidino wrote: ↑ Hello,

Closing on a townhouse in 2.5 weeks. Bank is asking for the size of our own townhouse lot. But in the contract with the builder, the sizes they gave us is for the entire 5 ROW townhouse building lot. I need mine specific. I already asked the builder to provide it yesterday but still waiting for there reply. Is this normal for the bank to ask?

your builder or your P&S agreement should have your lot size (eg 18' or 25' etc)

Jul 21st, 2021 11:13 am

#8

bomber17: Deal Fanatic; Apr 5, 2016; 6077 posts; 4564 upvotes; Calgary/Vancouver

Jul 21st, 2021 11:13 am

cloak wrote: ↑ There definitely can be a lot size if they are "attached".

Do you mean freehold or stacked?

There can but for townhouses, its not necessary to enter in the application. It'll be a really archaic system if they still need it.

Jul 21st, 2021 11:29 am

#9

masarwar: Deal Addict; Jan 13, 2014; 2750 posts; 1974 upvotes; Calgary

Jul 21st, 2021 11:29 am

Your lot size is 3233

+1

Jul 21st, 2021 12:08 pm

#10

vanpatrick81: Sr. Member; Apr 10, 2006; 836 posts; 810 upvotes

Jul 21st, 2021 12:08 pm

bomber17 wrote: ↑ This is an attached townhouse or detached? There is no lot size to enter if attached, you just use the townhouse's sqft. Your lender seems like an idiot lol. It's treated the same like a condo.

Are there "detached" townhouses? I thought all townhouses are either stacked, row or condo-towns. I know freehold or condo townhouses.

Jul 21st, 2021 2:00 pm

#11

cloak: Deal Addict; Sep 2, 2009; 2835 posts; 2864 upvotes; Ottawa

Jul 21st, 2021 2:00 pm

bomber17 wrote: ↑ There can but for townhouses, its not necessary to enter in the application. It'll be a really archaic system if they still need it.

Not sure why it would be archaic for the bank to want to know what land ownership comes with the townhouse. Especially giving the different types of townhouses/ownership structures that exist.

Jul 21st, 2021 2:36 pm

#12

Palidino [OP]: Deal Addict; Feb 17, 2012; 2054 posts; 781 upvotes; ORLEANS

Jul 21st, 2021 2:36 pm

Ok so I got a PDF from the builder that’s states my width and longest point of the land size. That was enough to satisfy RBC. Mortgage agent said they r not doing an appraisal because it takes up to 1 month which would be to late. So I’m not sure why they wanted the land size.

+2

Jul 21st, 2021 4:18 pm

#13

bomber17: Deal Fanatic; Apr 5, 2016; 6077 posts; 4564 upvotes; Calgary/Vancouver

Jul 21st, 2021 4:18 pm

vanpatrick81 wrote: ↑ Are there "detached" townhouses? I thought all townhouses are either stacked, row or condo-towns. I know freehold or condo townhouses.

Yes there are detached townhouses.

https://www.surreytownhouse.com/feature/34-6116-128th-street-surrey-f1418174

Jul 21st, 2021 4:42 pm

#14

Jon Lai: Deal Expert; May 30, 2005; 48550 posts; 9632 upvotes; Richmond Hill

Jul 21st, 2021 4:42 pm

bomber17 wrote: ↑ Yes there are detached townhouses.

https://www.surreytownhouse.com/feature/34-6116-128th-street-surrey-f1418174

What makes this a townhouse and not a house?

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+1

Jul 21st, 2021 4:45 pm

#15

rychicken: Jr. Member; Feb 6, 2019; 199 posts; 286 upvotes

Jul 21st, 2021 4:45 pm

Jon Lai wrote: ↑ What makes this a townhouse and not a house?

it's strata?

Jul 21st, 2021 4:48 pm

#16

Jon Lai: Deal Expert; May 30, 2005; 48550 posts; 9632 upvotes; Richmond Hill

Jul 21st, 2021 4:48 pm

rychicken wrote: ↑ it's strata?

Interesting perspective but then what about freehold towns?

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Jul 21st, 2021 5:29 pm

#17

StatsGuy: Deal Fanatic; Dec 20, 2018; 8798 posts; 8391 upvotes

Jul 21st, 2021 5:29 pm

rychicken wrote: ↑ it's strata?

a house is just a detached dwelling, it can be freehold or really any type of tenure

Jul 21st, 2021 5:31 pm

#18

StatsGuy: Deal Fanatic; Dec 20, 2018; 8798 posts; 8391 upvotes

Jul 21st, 2021 5:31 pm

bomber17 wrote: ↑ Yes there are detached townhouses.

https://www.surreytownhouse.com/feature/34-6116-128th-street-surrey-f1418174

that's a detached dwelling. i think you're getting confused between freehold and condo tenure. Townhomes are just another term for row housing

Jul 21st, 2021 8:36 pm

#19

chimaican: Deal Expert; Oct 23, 2008; 18189 posts; 16392 upvotes; GTA, ON

Jul 21st, 2021 8:36 pm

[quote=bomber17 post_id=34755686 time=1626794503 user_id=1319903]
This is an attached townhouse or detached? There is no lot size to enter if attached, you just use the townhouse's sqft. Your lender seems like an idiot lol. It's treated the same like a condo.
[/quote]

There is definitely a lot size regardless if it's an outside unit or inside unit. I can tell you that my old townhouse was 26' x 89'. The only difference is that your common wall is right up against the lot's width.

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Jul 21st, 2021 8:46 pm

#20

chimaican: Deal Expert; Oct 23, 2008; 18189 posts; 16392 upvotes; GTA, ON

Jul 21st, 2021 8:46 pm

bomber17 wrote: ↑ Yes there are detached townhouses.

https://www.surreytownhouse.com/feature/34-6116-128th-street-surrey-f1418174

That looks detached to me.

AFAIK (and correct me if I'm wrong)

Town = row homes linked via the foundation. Some variations I see builders use could be 2 or more linked homes via garage (aka linked single towns) -or- semi-linked (like semi-detached but groups of semis attached by garages).

Semi = 2 homes attached via a foundation but separate from other homer (either side by side AKA semi-detached -or- linked by garage AKA linked singles)

Detached = single home with independent foundation and separate from other homes' foundations

Stacked = one unit on top of another

Last edited by chimaican on Jul 21st, 2021 8:51 pm, edited 1 time in total.

Tis banana is IRIE 😎

10% off is cold, 50% off is warm, 75% off is hot, but FREE IS RFD!

+1