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It includes questions about: Basic information about the condominium, including whether its finished or still being developed. Questions about common charges (What they are now and when were they last increased) This is useful information for buyers as well.
What information is on a condo questionnaire?
Lenders will want to know about construction issues, HOA insurance, the percentage of units that are behind on association dues, and sales rights, as well as basic information like the development name and square footage. The buyer may not complete the questionnaire form.
What is a full condo questionnaire?
A condo questionnaire is a document lenders require to fund a property designated as a townhouse or condominium thats part of a homeowners association. The document offers evidence that condominium projects such as Eighty Seven Park Miami comply with the lenders underwriting prerequisites.
What is a condo questionnaire for a lender?
The Condominium Project Questionnaire (Form 1076) helps lenders collect data to determine condo project eligibility. This form is optional; however, lenders are encouraged to use and retain the form in the loan file. A substantially similar form may also be used in its place.
How long is a condo questionnaire good for?
The streamlined PERS submission process for established projects requires the Condominium Project Questionnaire (Form 1076), or a substantially similar form, to be completed within the past 180 days.
A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage. The questionnaire allows the lender to determine if the condo meets its requirements for a loan. If the requirements are met, the lender can in turn consider providing a loan to the condo buyer.
What is a condo questionnaire template?
A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage. The questionnaire allows the lender to determine if the condo meets its requirements for a loan. If the requirements are met, the lender can in turn consider providing a loan to the condo buyer.
Is condo questionnaire needed for underwriting?
Condominium Project Questionnaire This form is optional; however, lenders are encouraged to use and retain the form in the loan file. A substantially similar form may also be used in its place.
condo questionnaire answer key
LGY Condo Approval for Lenders
Oct 17, 2016 Procedures outlined in this Quick Reference Document assist lenders to view and create new condominium records in WebLGY. Navigating WebLGY.
by AM Levin 2011 Cited by 3 Under some authorities, a developer may have a fiduciary duty to a condominium association in the following scenarios: (1) where it and its employees
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