Monday March 31, 2008
Lynnsy Logue The Real Estate Lady and CondoCanDo Charlotte NC
Information YOU Need to Know as Well as Your Lender:
HOMEOWNERS’ ASSOCIATION QUESTIONNAIRE
PROJECT NAME:_______________________________________________________________________
ADDRESS:_____________________________________________________________________________
BORROWER:_______________________________________________________LOAN NUMBER:_______________
This company is processing a mortgage loan, which is located in the subject homeowners’ association/project. Your assistance is required in answering the questions on this form. Your immediate response is requested as the subject loan funding is pending.
1. Legal name of project/homeowners’ association is:__________________________________________________________________
2. The project is a o Condominium o PUD
3. Was the project created by the conversion of an existing building? If yes, please provide the following information:
Age of subject:____________ Year converted______________ Original use_______________________
4. Voting control of the Board of Directors has been turned over from builder/developer since:______/_______ (month/year).
If not turned over yet, please provide anticipated date of transfer: ________/_________ (month/year).
5. The project is o is not o a legal phased project. The project consists of _____total units in _____ legal phases.
6. Are all units and common areas/facilities complete? o Yes o No
7. Can the project be expanded beyond its current size? o Yes o No If yes, number of add’l units to be built_______.
8. Please indicate the common amenities (other than those in a Master Association):
o Pool, # of ______ o Clubhouse, # of _______ o Tennis Court, # of ______ o Playground, # of _______
o Other _______________________________________________________________________________________
9. Is there any commercial space designated in the project? o Yes o No Describe_______________________________________.
If yes, is the designated space more than 20% of the total square footage of the entire project? o Yes o No
10. Is there more than one association for the project, such as a “Master” or “Umbrella” Association? o Yes o No If yes:
Name of Master Assoc.:_________________________ Recreational Amenities:__________________________________________
Are the amenities complete? o Yes o No Date control of MHOA turned over to unit owners:_____________
11. Is the subject association involved in any litigation? o Yes o No If yes, please provide copies of all litigation information available.
12. How is title held to units? o Fee Simple o Leasehold If leasehold, provide copy of lease(s).
13. Are there any leased common areas/facilities? o Yes o No If leasehold, provide copy of lease(s).
14. Do the unit owners have sole ownership in and the right to the use of the project facilities? o Yes o No
15. Does the project contain any leased or rented units? o Yes o No If yes, how many? ___________
16. Is there a rental service for leasing/renting units? o Yes o No
17. Does the homeowners' association provide a cleaning service for the leased/rented units? o Yes o No
18. Does the project have a front check-in desk for the leased/rented units? o Yes o No
19. Does any single investor or entity own more than 10% of the total units in the project? o Yes o No
If yes, please identify the investor/entity and indicate the total number of units owned by each separate investor:
_______________________________________________________________________________
20. Does an outside, professional management firm manage the project? o Yes o No If yes, please provide contact information:
Name of Company:__________________________________ Contact:__________________________________ Address:___________________________________________Phone:______________
21. The unit assessment charges/fees for all units are:
o Uniform charges of $____________per month o Varying charges of $__________ to $___________ per month
22. How many unit owners are delinquent more than 30 days in their payment?_______; The total amount is $____________
23. The amount currently held in a segregated reserve account for future repair/replacement of the project is $_____________
This amount is adequate for replacement of major components o Yes o No
24. Are there any special assessments now approved, or have there been any in the past year? o Yes o No If yes, please describe nature of assessment, amount and per unit charge:__________________________________________________________________
25. Are there any mortgages or other long-term debts currently outstanding for the association? o Yes o No If yes, please describe and state the terms of the loan:_________________________________________________________________________________
26. Does the Declaration or any other constituent documents governing the project contain a right of refusal (or to provide a substitute
buyer) in favor of the association or developer to purchase any unit in the project offered for sale, lease or transfer? o Yes o No
27. If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee responsible for delinquent HOA dues? o Yes o No
If yes, are they responsible for o 0-6 months or o 7+ months?
28. Please provide the following insurance information for the project:
Insurance Company:____________________________Agent’s Name:_____________________________Phone:_______________
29. Please provide the following sales information:
_______Total number of completed units in project ________Total number of units conveyed
_______Total number of units under contract ________Total number of units conveyed/under contract to investors
** PLEASE NOTE **
Please provide the following documents along with the completed questionnaire:
1. Homeowner’s Association Budget
2. Management Company Agreement (if applicable)
3. Copy of Declaration page from the Master Insurance Policy that reflects hazard, liability, fidelity bond and flood insurance if applicable.
THE UNDERSIGNED DOES HEREBY CERTIFY THAT THE INFORMATION ABOVE IS TRUE AND ACCURATE TO THE BEST OF THEIR KNOWLEDGE AS OF: ________________________.
(date)
___________________________________________ __________________________________________
Name of authorized signer Title
___________________________________________ __________________________________________
Organization of signer Signature Phone Number
THIS FORM IS TO BE COMPLETED BY A DIRECTOR OR OFFICER OF THE HOA OR MANAGER OF THE MANAGEMENT COMPANY ONLY.
9. Is there any commercial space designated in the project? o Yes o No Describe_______________________________________.
If yes, is the designated space more than 20% of the total square footage of the entire project? o Yes o No
10. Is there more than one association for the project, such as a “Master” or “Umbrella” Association? o Yes o No If yes:
Name of Master Assoc.:_________________________ Recreational Amenities:__________________________________________
Are the amenities complete? o Yes o No Date control of MHOA turned over to unit owners:________________
11. Is the subject association involved in any litigation? o Yes o No If yes, please provide copies of all litigation information available.
12. How is title held to units? o Fee Simple o Leasehold If leasehold, provide copy of lease(s).
13. Are there any leased common areas/facilities? o Yes o No If leasehold, provide copy of lease(s).
14. Do the unit owners have sole ownership in and the right to the use of the project facilities? o Yes o No
15. Does the project contain any leased or rented units? o Yes o No If yes, how many? ___________
16. Is there a rental service for leasing/renting units? o Yes o No
17. Does the homeowners’association provide a cleaning service for the leased/rented units? o Yes o No
18. Does the project have a front check-in desk for the leased/rented units? o Yes o No
19. Does any single investor or entity own more than 10% of the total units in the project? o Yes o No
If yes, please identify the investor/entity and indicate the total number of units owned by each separate investor:
__________________________________________________________________________________________________________
20. Does an outside, professional management firm manage the project? o Yes o No If yes, please provide contact information:
Name of Company:____________________________________ Contact:_______________________________________________
Address:_____________________________________________________________________Phone:_________________________
21. The unit assessment charges/fees for all units are:
o Uniform charges of $____________per month o Varying charges of $__________ to $___________ per month
22. How many unit owners are delinquent more than 30 days in their payment?_______; The total amount is $_____________
23. The amount currently held in a segregated reserve account for future repair/replacement of the project is $____________________
This amount is adequate for replacement of major components o Yes o No
24. Are there any special assessments now approved, or have there been any in the past year? o Yes o No If yes, please describe
nature of assessment, amount and per unit charge:__________________________________________________________________
25. Are there any mortgages or other long-term debts currently outstanding for the association? o Yes o No If yes, please describe
and state the terms of the loan:_________________________________________________________________________________
26. Does the Declaration or any other constituent documents governing the project contain a right of refusal (or to provide a substitute
buyer) in favor of the association or developer to purchase any unit in the project offered for sale, lease or transfer? o Yes o No
27. If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee responsible for delinquent HOA dues? o Yes o No
If yes, are they responsible for o 0-6 months or o 7+ months?
28. Please provide the following insurance information for the project:
Insurance Company:____________________________Agent’s Name:_____________________________Phone:_______________
29. Please provide the following sales information:
_______Total number of completed units in project ________Total number of units conveyed
_______Total number of units under contract ________Total number of units conveyed/under contract to investors
** PLEASE NOTE **
Please provide the following documents along with the completed questionnaire:
1. Homeowner’s Association Budget
2. Management Company Agreement (if applicable)
3. Copy of Declaration page from the Master Insurance Policy that reflects hazard, liability, fidelity bond and flood insurance if applicable.
THE UNDERSIGNED DOES HEREBY CERTIFY THAT THE INFORMATION ABOVE IS TRUE AND ACCURATE TO THE BEST OF THEIR KNOWLEDGE AS OF: ________________________.
(date)
___________________________________________ __________________________________________
Name of authorized signer Title
___________________________________________ __________________________________________
Organization of signer Signature Phone Number
THIS FORM IS TO BE COMPLETED BY A DIRECTOR OR OFFICER OF THE HOA OR MANAGER OF THE MANAGEMENT COMPANY ONLY.
Homeowners Association’s Certification 12/1/98
building practices are great in our book.
building practices are great in our book.
