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What Is A Condo Questionnaire? - Own Up 2025

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The document is a comprehensive questionnaire (Fannie Mae Form 1076 with addendum) designed for lenders to assess the eligibility of a condominium project for mortgage financing. It requires detailed information from the Homeowners' Association (HOA) or management company regarding project completion, financial status, ownership details, insurance coverage, and any legal issues. The form aims to gather necessary data to evaluate the project's compliance with lending requirements.

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Who typically pays for the condo questionnaire?

The responsibility for paying the condo questionnaire fee is normally on the Buyer or Lender. When is the Condo Questionnaire ordered during the real estate transaction? The Condo Questionnaire is ordered once the buyer and seller have agreed on terms and signed a purchase agreement.

How much can a condo association raise assessments in Florida?

For example, some declarations may impose limits on how much dues can increase each year. That said, there is a stipulation in Florida law that applies to condo associations. Florida Statute 718.112(2)(a) states that if assessments are increased by more than 115%, then a substitute budget can be requested by owners.

Who fills out the condo questionnaire?

The association or its authorized agent may charge a reasonable fee to the prospective purchaser, lienholder, or the current unit owner for providing good faith responses to requests for information by or on behalf of a prospective purchaser or lienholder, other than that required by law, if the fee does not exceed

What is the purpose of a condo questionnaire?

The condo questionnaire is typically filled out by the Homeowners Association (HOA) or the property management company that oversees the inium complex. This step is absolutely vital in getting a mortgage for your inium, as it provides a detailed picture of the propertys financial and legal standing.

How much is the condo questionnaire fee?

The fee for a condo questionaire is generally about $250-300. The prospective borrower typically pays the fee.

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How much can you charge for a condo questionnaire in Florida?

A survey is generally not required for a inium purchase because the declaration of inium already includes a survey of the property and unit. Since the units size doesnt change after construction, a review of the recorded declaration of inium is usually enough.

What Is A Condo Questionnaire? - Own Up 2025

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Who typically pays for the condo questionnaire?

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Who fills out the condo questionnaire?

What is the purpose of a condo questionnaire?

How much is the condo questionnaire fee?

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