By this time, a buyer has likely paid for a home inspection and an appraisal. It may not always be ordered early in the transaction, or it may take weeks to get returned from the association or the management company. Sometimes the results of the questionnaire come back very late in the transaction. Some of the questions will relate to some items such as major repairs in the complex, outstanding code or ordinance violations, sufficient funds in place for reserves, any current special assessments, any current litigation, how many units are being rented out, non-occupant owners versus owner occupied units, is there new construction still not completed, are there too many owners delinquent with their association dues. ![]() Being "warrantable" means that the loan is able to be sold on the secondary market. The questionnaire contains questions that will validate if the condo is "warrantable". Your lender will need to send a questionnaire to the management company, or condo board, with specific questions that will disclose the stability of the association. ![]() ![]() If you are buying a condo with a mortgage, you will likely be paying for a condo questionnaire as part of your closing costs.
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