Condo Questionnaire

by martyna

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.

Project Name
Address
City State Zip Code
I . Has control of the project been turned over to the H.O.A.?

Date turned over:

Yes No
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?

Yes No
Yes No
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.

Yes No
Yes No
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
Entire

Project

Subject Phase
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?

Yes No
13. Does the Project?
Allow Daily Rentals?

Percentage available for daily rentals

Yes No
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.

No
No
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

Download Condominium Questionnaire