Condo Questionnaire: Fill & Download for Free

Yikes, is this trick question?Clearly, if you want to sell individual units, a separate address is necessary as well as separate meters, a HOA established for the small project, and a condo questionnaire available for Lenders if you desire to sell individually. You must set up an HOA plan. There are many property Managers who can help. A RE Attorney can set up the “project”

This is a good question. Obviously the more reserves a condo building has, one would assume the more financially healthy it should be.Fannie Mae’s underwriting guidelines for a limited condo questionnaire review require (at the time of this writing) a condo building to have a 10% reserve of their operating budget. That is a fairly hefty requirement and in South Florida, most condo buildings cannot meet that.Does it mean that building is risky? Good question. My suggestion is to actually look at the overall budget, and read the condo minutes (that is the hidden secret to finding out how $ is allocated and how well the board gets along).If you want to know more about How to Buy a Condo, Check out my Article Here

There will be certain fees charged by the mortgage company, primarily fees for underwriting, processing and document preparation. Some lenders may not charge all these fees. Some may not enumerate them but will instead charge a slightly higher rate.You can expect to pay for an appraisal in connection with the mortgage process.The lender will require a lender’s title policy to protect their security interest in the property.You will also get an owner’s policy of title insurance. It protects you from possible “clouds” on the title that could potentially surface after your purchase. You pay only once and the policy is good for as long as you own the property. While this is technically optional, almost everyone buys the policy, in my experience,You will pay certain “administrative” fees:Notary. A person who is appropriately licensed and bonded will be present when you sign any documents that will be recorded with your county clerk. The notary attests that the person signing (you) is who you represent yourself to be to the best of his or her knowledge and belief.Recording. You’ll pay fees to the county for recording certain documents, such as the grant deed, deed(s) of trust and other documents that are customarily entered into the public record.There may be other fees paid to your local county or municipality. Here in California, for example, there is a transfer tax, which amounts to $1.10 per thousand dollars transferred. The seller customarily pays the transfer tax (sometimes called document stamps) in Northern California, but it varies by region. Some cities have an additional transfer tax. Hayward, California, for example, imposes an additional transfer tax of $4.50 per thousand. It is customarily split between buyer and seller, but is always subject to negotiation.You may opt to get other property inspections:Pest control (termite). It’s required if you are getting a VA loan. It may be required for an FHA loan if the appraiser notes evidence of termites or other wood-destroying organisms on the property.RoofSwimming PoolHome inspection. This covers all aspects of the home, including appliances, plumbing, electrical, air conditioning and foundation. The buyer gets a comprehensive narrative report for a fee that may run between $400 and $650. It’s a very good investment.There may also be fees charged to the buyer if there is a homeowner’s association (HOA) involved. They may charge $200 or more to change the property owner’s name for your new purchase. If your property is a condominium, you may have to pay the HOA an additional fee for a condo questionnaire. This is typically a one-page report outlining the HOA’s status and the number of rental units in the complex, as well as the existence of any litigation against the HOA.There may be other fees to pay, depending on your individual location and situation. If you are fortunate to have mortgage credit certificates (MCC) available in your area, you’ll pay an application fee for that program. MCC is a c=first-time buyer program available in many states. It allows the first-time buyer to claim a portion of the mortgage interest they pay each year as a tax credit.Knowing what you closing costs are likely to be is very important at the very beginning of your home buying process. Any loan officer should be able to provide you with an accurate, written estimate once you have begun working with them.I hope this is helpful.