Condominium Project Questionnaire Form | A and N Mortgage

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CONDOMINIUM PROJECT QUESTIONNAIRE FORM

CONDOMINIUM PROJECT QUESTIONNAIRE–FULL FORM
CONDOMINIUM PROJECT QUESTIONNAIRE – FULL FORM
Instructions
Lender: Complete the first table below and enter the date on which the form should be returned to you.

Homeowners’ Association (HOA) or Management Company: This form has been sent to you on behalf of an individual seeking mortgage financing to purchase or refinance a unit in this project. The mortgage lender needs this information to determine the eligibility of the project for mortgage financing purposes.
Enter Date:*
MM slash DD slash YYYY

Questions about this form should be directed to the lender contact.
Lender Name
Lender Phone
Contact Name
Lender Fax
Lender Address
Lender Email
I: Basic Project Information
I: Basic Project Information
1. Project Legal Name*
2. Project Physical Address*
3. HOA Management Address*
4. HOA Name (if different from Project Legal Name)*
5. HOA Tax ID#*
6. HOA Management Company Tax ID#*
7. Name of Master or Umbrella Association (if applicable)
8. Does the project contain any of the following?*
- Yes
- No
- 8a. Hotel/motel/resort activities, mandatory or voluntary rental-pooling arrangements, or other restrictions on the unit owner’s ability to occupy the unit
- 8b. Deed or resale restrictions
- 8c. Manufactured homes
- 8d. Mandatory fee-based memberships for use of project amenities or services
- 8e. Non-incidental income from business operations
- 8f. Supportive or continuing care for seniors or for residents with disabilities
Please provide additional detail here, if applicable (optional):
II: Project Completion Information
II: Project Completion Information
1. Is the project 100% complete, including all construction or renovation of units,common elements, and shared amenities for all project phases?*
- Yes
- No
If No, complete 1a - 1f:
1a. Is the project subject to additional phasing orannexation?
- Yes
- No
1b. Is the project legally phased?
- Yes
- No
1c. How many phases have been completed?
1d. How many total phases are legally planned for the project?
1e. How many total units are planned for the project?
1f. Are all planned amenities and common facilities fully complete?
- Yes
- No
2. Has the developer transferred control of the HOA to the unit owners?*
- Yes
- No
Yes, date transferred:
No, estimated date transfer will occur:
III: Newly Converted or Rehabilitated Project Information
III: Newly Converted or Rehabilitated Project Information
1. Is the project a conversion within the past 3 years of an existing structure that was used as an apartment, hotel/resort, retail or professional business, industrial or for other non-residential use?*
- Yes
- No
If Yes, complete 1a - 1g:
1a. In what year was the property built?
1b. In what year was the property converted?
1c. Was the conversion a full gut rehabilitation of the existing structure(s), including replacement of all major mechanical components?
- Yes
- No
1d. Does the report from the licensed engineer indicate that the project is structurally sound, and that the condition and remaining useful life of the project’s major components are sufficient?
- Yes
- No
1e. Are all repairs affecting safety, soundness and structural integrity complete?
- Yes
- No
1f. Are replacement reserves allocated for all capital improvements?
- Yes
- No
1g. Are the project’s reserves sufficient to fund the improvements?
- Yes
- No
IV: Financial Information
IV: Financial Information
1. How many unit owners are 60 or more days’ delinquent on common expense assessments?*
2. In the event a lender acquires a unit due to foreclosure or a deed-in-lieu of foreclosure, is the mortgagee responsible for paying delinquent common expense assessments?
- Yes
- No
If Yes, for how long is the mortgagee responsible for paying common expense assessments?(Select one).
- 1-6 months
- 7-12 months
- More than 12 months
3. Is the HOA involved in any active or pending litigation?*
- Yes
- No
If Yes,attach documentation regarding the litigation from the attorney or the HOA. Provide the attorney’s name and contact information:
Name
Phone
V: Ownership & Other Information
V: Ownership & Other Information
1. Complete the following information concerning ownership of units:
1a. Total number of units
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable
1b. Total number of units sold and closed
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable
1c. Total number of units under bona-fide sales contracts
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable
1d. Total number of units sold and closed or under contract to owner-occupants
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable
1e. Total number of units sold and closed or under contract to second home owners
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable
1f. Total number of units sold and closed or under contract to investor owners
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable
1g. Total number of units being rented by developer, sponsor, or converter
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable
1h. Total number of units owned by the HOA
Entire Project*
Subject Legal Phase (in which the unit islocated)

If Applicable

2. Complete the following table if more than one unit is owned by the same individual or entity:

Individual / Entity Name	Developer or Sponsor? (Put only Yes OR No)	#of Units Owned	% Owned of Total Project Units	# Leased at Market Rent	#Leased under Rent Control

3. Do the unit owners have sole ownership interest in and the right to use the project amenities and common areas?*
- Yes
- No
If No, explain who has ownership interest in and rights to use the project amenities and common areas:
4. Are any units in the project used for commercial or non-residential purposes?*
- Yes
- No

If Yes, complete the table.

Type of Commercial or Non-Residential Use	Name of Owner or Tenant	# of Units	Square Footage	% Square Footage of Total Project Square Footage

5. What is the total square footage of commercial space in the building that is separate from ther esidential HOA?Include above and below grade space used for commercial purposes, such as public parking facilities, retail space, apartments, commercial offices, etc.
Total Square Footage of Commercial Space:*
VI: Insurance Information & Financial Controls
VI: Insurance Information & Financial Controls
1. Are units or common elements located in a flood zone?*
- Yes
- No
If Yes, flood coverage is in force equaling (select only one option below)
- 100% replacement cost
- Maximum coverage per condominium available under the National Flood Insurance Program
- Some other amount
enter amount here*
2. Check all of the following that apply regarding HOA financial accounts:*
- HOA maintains separate accounts for operating and reserve funds
- Appropriate access controls are in place for each account
- The bank sends copies of monthly bank statements directly to the HOA
- Two members of the HOA Board of Directors are required to sign any check written on the reserve account
- The Management Company maintains separate records and bank accounts for each HOA that uses its services
- The Management Company does not have the authority to draw checks on, or transfer funds from, the reserve account of the HOA
3. Supply the information requested below. Do NOT enter contact agent.

Type of Insurance
Hazard (Type of Insurance)
- Hazard
Carrier/Agent Name
Carrier/Agent Phone #
Policy Number
Liability (Type of Insurance)
- Liability
Carrier/Agent Name
Carrier/Agent Phone #
Policy Number
Fidelity (Type of Insurance)
- Fidelity
Carrier/Agent Name
Carrier/Agent Phone #
Policy Number
Flood (Type of Insurance)
- Flood
Carrier/Agent Name
Carrier/Agent Phone #
Policy Number
VII: Contact Information
VII: Contact Information
Name of Preparer*
First
Title of Preparer*
Preparer’s Company Name*
Preparer’s Phone*
Preparer’s Email*
Preparer’s Company Address*
VIII: Questionnaire Addendum
VIII: Questionnaire Addendum
1. Indicate Current Balance of Association’s Reserve Account:*
2. Indicate Current Balance of Association’s Operating Account:*
3. Does Association have a current Reserve Study:*
- Yes
- No
4. Are there any current Special Assessments?*
- Yes
- No
If YES, please explain.

Δ

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