Non-Warrantable Condo Questionnaire for Niche Products

Transcription

Non-Warrantable Condo Questionnaire for Niche Products
Non-Warrantable Condo Questionnaire for Niche Products
*Optional for use with non-warrantable condos, investor will accept standard
condo questionnaire, but may require additional information.
ADDITIONAL DOCUMENTS REQUIRED*
1. Current Year’s Annual Budget (monthly/quarterly/semi-annual budgets are not acceptable)
2. *If an assessment is planned or occurred in the past year, provide the following: reason for assessment & total amount
3. *If project is subject to a leasehold estate/ground lease, provide copy of original lease & all sub-leases
4. Insurance Carrier’s Name, phone number & proof of the following Master Insurance Coverage:
Insurance Type
Carrier name
Phone #
Policy #
Hazard
Liability
Fidelity Bond (20+ units only)
Flood Insurance
This form must be completed & signed by an authorized representative of the HOA. The project information, including
occupancy data, is required to be current within 30 days of this forms’ completion date.
Project’s Legal Name
Fed Tax ID #
Street address/City/State/Zip
# of total units
Year project completed (if not complete, or not turned over, answer N/A)
# of units sold
Year HOA control passed to unit owners
Fee Simple
nd
# of primary & 2 homes
If a conversion, MM/YY of conversion
Leasehold
# of units for sale
Total project (building’s) commercial square footage
Leasehold &
Fee Simple
# of units rented
If commercial space, total building’s square footage
1. If any single entity/individual owns units over 10% of the project’s total units, provide # of units owned by each entity.
(Includes units owned & rented out by the builder/developer. If additional space is needed, please use a separate page.)
1st Name
# Units
2nd Name
# Units
Yes
GENERAL ELIGIBILITY QUESTIONS
2. Is the project a condotel? If yes, provide the name of the nationally-recognized hotel chain the project is affiliated
with _______________________________________________________________________________________
3. Is the subject a lock-off unit? (Meaning 2 adjoining units are under one deed. The owner may stay in one part of the
unit, lock off and rent out the other unit at the same time.)
4. Does the project permit time-shares or fractional ownership?
5. Is the project a Common Interest Apartment or Community Apartment Project? (Owned by several owners as
tenants-in-common or by an HOA. Owners have an undivided interest in an apartment building & land, and have
the right of exclusive occupancy of a specific apartment in the building.)
6. Does the project have manufactured housing or permit multi-dwelling units (title to more than 1 dwelling unit with a
single deed or mortgage)?
7. Does the project have deed restricted units such as Affordable Housing Units?
8. Is there any litigation pending regarding the project? (If yes, and litigation relates to construction defects affecting
the structural soundness, health, safety, habitability or functionality, see additional information required on Pg. 2)
9. Mandatory Membership Fees for amenities open to the public (e.g. golf course)
10. Are there any live-work units? If yes, what is the maximum work space permitted within the unit?
11. Has the HOA voted a special assessment within the last year (or are any planned)? (If yes, see top of Page)
12. Number of unit owners 60 days or more delinquent on their HOA dues: ________
No
Sq. ft.
13. What is the current balance in the Reserve Account? _________________ as of date________________
HOA/MANAGEMENT COMPANY CERTIFICATION
The undersigned hereby certifies to the best of his/her knowledge & belief the information & statements contained on this
form & any attachments are true & correct. The undersigned further represents he/she is authorized by the HOA Board of
Directors to provide this information on behalf of the Association.
Management Co. Name
Telephone
Signature
Print Name
Page 1 of 2
Email
Fax
Date
Title
Revised 07/27/2016
Non-Warrantable Condo Questionnaire for Niche Products
If you answered “YES” to the litigation question, AND the litigation involves the HOA suing the
builder/developer or a vendor for construction defects, please provide the following:
Pending/Current Litigation Required Documents
Settled Litigation Required Documents
Lawsuit documents filed with the court (if applicable) Final judgment
Attorney letter summarizing the pending/filed lawsuit
• All related structural, health, safety, habitability
including the following:
and/or functional use repairs are complete (if
•Main construction defects (any affecting structural
applicable)
soundness, health, safety, habitability, or
• If repairs are not completed a scope of work
functionality)
summary from an engineer, architect or general
•Total amount of lawsuit
contractor describing what repairs are still
•Predicted outcome and/or worst case scenario
outstanding, the cost of these repairs and an
estimated completion date.
HOA Budget
•If budget shows a large assessment or negative cash flow due to lawsuit and/or repairs to the project, additional
documentation such Financial Statements and letter from HOA (or HOA's accountant depending on the severity
of the financial loss) explaining how the HOA plans to make up the lawsuit and associated costs in its budget
may be required.
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Revised 07/27/2016