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A representative of the condo association must fill it out, which can add another stressful factor to the closing and mortgage approval process. If the HOA or management company does not fill the form out in a timely manner, the financing for the purchase may be at risk and cause the sale to fall apart.
Lenders require a condo questionnaire to assess the financial health and stability of the condominium association. It helps them determine the risk associated with lending on a specific property.
The questions concern basic information about the development, insurance coverage, rules around reselling, and more. Since the HOA makes property decisions that can affect a lenders willingness to finance the sale, the questionnaire responses are typically part of the mortgage approval process.
The Condominium Project Questionnaire (Form 1076) helps lenders collect data to determine condo project eligibility.
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. For complete topic details, see B4-2.2-06, Project Eligibility Review Service (PERS).
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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.
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.
Put simply, an HOA survey is a questionnaire that board members send to residents. The purpose of this is to gain insight into a specific topic. Usually, these surveys are about assessing the satisfaction of residents. However, they can have other objectives such as asking residents about their preferred HOA events.