All lenders will require a condo questionnaire that needs to be completed by the HOA Manager of the condo Complex. The condo questionnaire below is a basic condo questionnaire that is accepted by most lenders. Download the condo questionnaire and have the HOA Manager complete the form. Once complete, provide it to your loan officer.
|I . Has control of the project been turned over to the H.O.A.?
Date turned over:
|2. Are the amenities complete?||Yes||No|
|3. Is all construction or phases complete?||Yes||No|
|4. Are common areas and recreational facilities associated the entire project (or the subject phase) complete?
•If no. does the project have sufficient funds for completion?
|5. Is the project a cooperative?||Yes||No|
|6. Is the project a condo hotel?||Yes|
|7. Is the project a timeshare or segmented ownership protect?||Yes||No|
|8. Is the project a multi-dwelling unit condominium (in ‘Which ownership of multiple units Is evidenced by a deed and mortgage?||Yes||No|
|9. Does the condominium represent a legal, but nonconforming use of the land (if zoning prohibit rebuilding to current density in the event of destruction?||Yes||No|
|IO- Is the project a conversion?
if yes is the conversion a gut rehabilitation? (Where the renovation has stripped the property to the shell and all HVAC and electrical components have been replaced.
|If the builder is in control of the project, or the H.O.A. has been in control far less than a year, please submit the Declarations, B laws. Insurance Cert, Budget and Appraisal with the completed questionnaire.|
|Il. Is the Project built on a Leasehold Estate?||Yes||No|
|Number Of Phases|
|Total Number of Units|
|Total Number of Units for Sale|
|Total Number of Units Sold|
|Total Number of Units Rented (Investor Owned)|
|Total Number of Owner Occupants Units (Principal Residences & Second Homes)|
|Does any single entity own more than 10% of the total units in the entire project?||Yes||No|
|Highest number of units owned by one entity|
|12- is any portion of the project designated Tor commercial use only?
If yes, then what percentage of the project?
|13. Does the Project?|
|Allow Daily Rentals?
Percentage available for daily rentals
|Contain a rental desk?||Yes||No|
|c. Participate in a mandatory rental pool?||Yes||No|
|Provide food service?||No|
|e. Provide daily Housekeeping?
f. Provide Blackout dates restricting the owner’s use.
|14. Is the protect the subject of current litigation?||Yes||No|
|Please provide a letter of explanation far any litigation.|
|15. What is the amount currently held in reserves for replacement or repair of major components?||s|
|16. Total number of unit owners currently over 30 days past due on their monthly H.O.A. fees.|
|Total dollar amount of past due.|
|17. Are the taxes for the individual units included in the H-O-A lees?||Yes||No|
|Projects in which the taxes are included in the H.O.A fees are ineligible.|
|H-OA. contact||Phone Number|