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Click ‘Get Form’ to open the condo questionnaire in the editor.
Begin by entering the date and loan number at the top of the form. Fill in the borrower(s) name, project name, phase number, and address details accurately.
In the PROJECT PROFILE section, provide information about unit sales. Specify total units, units under contract, and those that have closed. Ensure you include both principal residence and investor-owned units.
Next, indicate the percentage of units that are delinquent in common expense assessments and state the monthly dues for the subject unit.
Continue through each question methodically, answering yes or no where applicable. Pay special attention to questions regarding ownership percentages and project completion status.
Finally, complete the CONTACT AND SIGNATURE section with your details and ensure all required documentation is attached before submitting.
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The condo questionnaire requests details about the propertys development, including insurance coverage, rules around reselling, structural soundness, litigation issues, cash flow issues, future repairs, and other property data.
What is the condo questionnaire fee?
The cost of a condo questionnaire can vary depending on the condo association or property management company. Typically we see the fee being +/- $250, and there is usually an additional cost should a rush order option be available.
What is an assessment for a condo?
If a condo associations coverage limits arent high enough to pay for repairs or medical bills after a claim, it might issue a special assessment to each condo owner, dividing the remaining amount owed by the number of unit owners to pay off the rest of the bill.
Is a survey needed for a condo?
Typically, a condominium purchase does not require a survey because the condominium map itself constitutes the survey. In many real property purchases the seller or some predecessor in title has already obtained a survey and you should always request a copy.
How to avoid condo special assessment?
The only way to avoid paying a special assessment or your home owners assessment is to sell the unit, at least in my state. This may also lead to the costs of the special assessment being taken out of your closing funds.
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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.
Is a condo questionnaire required on FHA loans?
There is no statute requiring boards to docHub their condominium project as a whole for FHA insured financing.
by A KHARTABIL 2022 questionnaire (Condo et al., 2019). The researchers ultimately determined that of the 30 athletes tested, the players displayed inadequate amounts of iron
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