Condo questionaire

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Condo questionaire

  1. 1. HOA Condominium Questionnaire John.Poast@keymortgageservices.com 312.543.0688 KMSI Condo Questionnaire v2 Effective 9/2012 Project Name ________________________________________________________________________________ Address: ___________________________________ Subject Unit # / Subject Phase ___________/____________ City, State__________________________________ 1. Describe the Unit Sales: A. Established projects (100% complete/HOA turned over to unit owner’s for at least one year, 90% sold) ______ Total # of Units in Project ______ Total # of Units conveyed to purchasers (sold or bona fide sales contracts), show breakdown _____ Total # of Units primary residence _____ Total # of Units second homes _____ Total # of Units rented/investor B. New Construction projects (incomplete and/or Builder/Developer in control) – Presale Information COMPLETE FOR EACH PHASE, INCLUDING SUBJECT PHASE, WHEREIN UNITS HAVE BEEN OFFERED FOR SALE. Phase/Bldg. Date Marketing Began # of Units # Sold & Under Contract Proposed Occupancy (Include Sold and Under Contract) # Owner- Occupied # 2nd Home # Rental / Investor Totals 2. Does any one entity (same individual, investor group, partnership, or corporation) own more than one unit? ( )Yes ( )No If yes, identify entity and indicate number of units and percentage owned. Entity __________________________ # of Units ________________ Entity __________________________ # of Units ________________ Entity__________________________ # of Units ________________ 3. Are all units, common areas and amenities, including those that are part of a master association, complete? ( ) Yes ( ) No 4. What is the FHA Concentration ____% 5. Does the developer retain any ownership in the project other than interest in unsold units? ( ) Yes ( ) No 6. Is the project subject to any additional phasing? ( ) Yes ( ) No
  2. 2. HOA Condominium Questionnaire John.Poast@keymortgageservices.com 312.543.0688 KMSI Condo Questionnaire v2 Effective 9/2012 7. Number of stories in the project? ____ 8. Is the project located on the same or adjoining parcels? ( ) Yes ( ) No 9. Is project a conversion of an existing building? ( ) Yes ( ) No If yes, please indicate conversion date: ____/____/____ 10. Has control of the owners association been turned over to the unit purchasers? ( ) Yes ( ) No If yes, date turned over: ____/____/____; If no, expected date of turn over to unit purchasers: ____/____/____ 11. Is there a project manager? ( ) Yes ( ) No If yes, please list name and contact number: _______________________________________________________________ 12. How is title to the units held: ______ Fee Simple______ Leasehold (If leasehold, please provide copy of lease.) 13. Are there any leased recreational facilities or any common area leases? ( ) Yes ( ) No (If yes, please provide a copy of the lease.) 14. Is any space within the project designed for commercial/non-residential use? ( ) Yes ( ) No If yes, how many commercial units are there? ____ Commercial Square footage: ______ Total Square footage of the project: _______ What type of commercial space? _________________________________ Commercial income: _______________ 15. Are the individual units in the project separately metered, OR do the project’s plans provide for the ready adoption of unit metering? ( ) Yes ( ) No 16. Are there any adverse environmental factors affecting the project as a whole or as individual units? ( ) Yes ( ) No 17. Do the project documents allow short-term rentals (less than 30 days)? ( ) Yes ( ) No If yes, are hotel like services included in the monthly HOA fee assessment? ( ) Yes ( ) No Is there on-site rental management or a registration desk? ( ) Yes ( ) No Is there evidence of project marketed as a hotel-type facility? ( ) Yes ( ) No Are there any manufactured homes or multi-dwelling units in the project? ( ) Yes ( ) No 18. Is there a mandatory or voluntary rental pool or revenue sharing? ( ) Yes ( ) No 19. Is the owners association required to maintain hazard, and if applicable flood, insurance? ( ) Yes ( ) No If yes, does the current budget contain an adequate line item assessment to pay next due premiums? ( ) Yes ( ) No 20. The total amount of the most recent annual budget is $____________ 21. The amount of reserve funds budgeted for future repairs and/or replacement of major components is $______________. (this must be shown on the budget as a line item expense, guideline minimum is 10% of the annual budget) 22. The number of owners currently delinquent more than 30 days but less than 60 days in their unit assessments _______ Number of owners currently delinquent more than 60 days:________. Total number of delinquencies:____________(units) Total amount of delinquent charges $____________ If a unit is taken over in foreclosure, is the mortgagee responsible for more than 6 months of delinquent HOA dues? ( ) Yes ( ) No
  3. 3. HOA Condominium Questionnaire John.Poast@keymortgageservices.com 312.543.0688 KMSI Condo Questionnaire v2 Effective 9/2012 23. Are there any pending or levied special assessments by the HOA? ( ) Yes ( ) No If yes, please explain in a separate attachment. 24. Is the HOA involved in any lawsuits or pending litigation? ( ) Yes ( ) No If yes, provide information regarding litigation, from attorney or HOA, as a separate attachment. 25. If there is personal injury litigation, will liability insurance cover any potential liability? ( ) Yes ( ) No 26. Minimum number of days required for written notification to be given to HOA or insurance trustee before any substantial changes or cancellation of the project coverage? __________ 27. Does project have right of first refusal? ( ) Yes ( ) No If yes, does it affect deed in lieu, foreclosure or rights of a mortgagee or violate fair housing law? ( ) YES ( ) NO INSURANCE INFORMATION: Name of Insurance Company:______________________________________________________________ Name of Agent__________________________________________________________________________ Address:_______________________________________________________________________________ City_________________________________________State______________________Zip_____________ Phone_______________________________________ Is flood insurance in force?__________________________________________________ If yes, amount of coverage_________________________________________________ Is there a multi peril (master or blanket type) fire and extended coverage hazard insurance policy in effect for the Owners’ Association with the Association shown as the “named insured”? Is the amount of insurance equal to 100% of the current replacement cost of the insurable improvement (if a condominium project) or 100% of the current replacement cost of the insurable improvements to the common area (if a pud)?____________________________________________________________ Amount of the insurance in force is_______________________________ Is a comprehensive general liability insurance policy in effect for the Owner’s association with the association shown as “named insured”?____________________________________ If yes, primary coverage amounts are $__________________per occurrence$_______________ $_____________ aggregate. Does the HOA provide hazard insurance coverage for the interior (walls-in) of the condominium unit? Yes _____No_____ Certification I, the undersigned, certify that to the best of my knowledge and belief, the information and statements contained on this form and the attachments are true and correct. Signature of Association Representative or Preparer: Date: Printed Name and Title of Association Representative or Preparer: Preparer’s Company Name: Preparer’s Company Address: Preparer’s Phone #: ( ) Preparer’s Fax#: ( ) Preparer’s e-mail Address:

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