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. Page 2 of 2 Revised 07/27/2016