Docstoc
EXCLUSIVE OFFER FOR DOCSTOC USERS
Try the all-new QuickBooks Online for FREE.  No credit card required.

HOMEOWNER ASSOCIATION NAIRE Loan Subject

Document Sample
HOMEOWNER ASSOCIATION NAIRE Loan Subject Powered By Docstoc
					                        HOMEOWNER’S ASSOCIATION QUESTIONNAIRE
Loan #:                       Subject Address:
Borrowers Name:
Project Name:
City:                                                           State:                        Zip-code:


Project Information
                                                                                      Subject Phase         Entire Project

        Total # of units in project

        # of units sold and closed
        # of units under contract

        # of units that are primary residence

        # of units that are second home

        # of units that are or will be rentals

        # of units still with developer

Monthly HOA Fee $ _____________________                                                  Year Project Built ___________________


1.   All units, common elements and facilities within the project 100% complete?                      Yes                No
     If no, are all common elements and/or recreational facilities associated with the                Yes                No
     subject phase complete?

2.   Is project subject to additional phasing and add-ons or annexation?                              Yes                No
     If yes, # of additional units to be built:

3.   Has control of the Homeowners’ Association been turned over to the unit owner’s?                 Yes                No
     If yes, date control of HOA transferred from the developer to the units owners

4.   Is project conversion of an existing building?                                                   Yes                No
     If yes, year converted

5.   Is project a manufactured home?                                                                  Yes                No

6.   Does any person or entity own more than 10% of the total units in the project?                   Yes                No
     If yes, list how many of each own:

7.   Is there any pending litigation involving the Homeowners’ Association or developer?              Yes                No
     If yes, provide details and documentation of the circumstances surrounding the
     litigation

8.   Is any part of the project used for commercial purposes?                                         Yes                No
     If yes, what percentage of square footage is used for commercial purposes
     If yes, what is the commercial space for?

9. Does the project consist of any units that are less than 400 square feet?                          Yes                No

10. Are there any pending special assessments?                                                        Yes                No
     If yes, explain:

11. Are there any monthly assessments delinquent more than 30 days?                                   Yes              No
     Provide the # of units that are delinquent more than 30 days & percentage (%)             #                             %

12. Are the units owned in fee simple or leasehold?                                                Fee Simple         Leasehold
     If leasehold, provide leasehold agreement

13. (a) Is project a Condo Hotel                                                                      Yes                No
     (b) Is there a check-in-desk/ registration desk for leased/rented units                          Yes                No
     (c) Are short-term rentals permitted?                                                            Yes                No
     (d) Is project a time share?                                                                     Yes                No
     (e) Is there a mandatory rental clause                                                           Yes                No
     (f) Is there any recreational leases                                                             Yes                Yes

14. Are the individual units in the project separately metered?                                       Yes                No

15. Are the amenities / recreational facilities owned by the HOA?                                     Yes                No

16. Does the unit owner have sole ownership and exclusive right to use the project                    Yes                No
    facilities?



Conventional HOA Questionnaire – Full Review
Page 1 of 2
Rev 03/05/2012
17. Do the legal documents of the Homeowners’ Association contain language that                 Yes         No
    protects the first mortgagee rights?

18. Have project legal documents been legally recorded? (CC&R’s; By-laws; Declaration;          Yes         No
    Article of Incorporation, etc)?

19. Do the project legal documents include any restriction on sale which would limit the        Yes         No
    transferability of title?

20. Does the Association hold the right of first refusal on this property transaction? If so,   Yes         No
    explain the process for obtaining a waiver and are the first mortgage lenders
    exempt?

21. If unit is taken over in foreclosure or deed-in lieu of foreclosure, is the mortgagee       Yes         No
     (lender) responsible for delinquent HOA assessments? How much?

22. Is the project a legal non-conforming use of land (if zoning regulations prohibits          Yes         No
     rebuilding to current density in event of destruction)?

23. Is the project created and exists in full compliance with applicable laws and               Yes         No
     regulations including all State law requirements in the jurisdiction that the project is
     located

24. Is the project a full gut rehab                                                             Yes         No

25. Is the project a non-gut rehab                                                              Yes         No

INSURANCE / FINANCIAL/ MANAGEMENT
26. Does the project meets the insurance requirement as indicated below:                        Yes         No
      (a) General liability insurance provides at least $1,000,000 coverage
      (b) Insurance includes 100% current replacement cost of the project improvement,
          common elements, including the individual units?
      (c)   Is policy active? Expiration date: ______________________

27. Are units or common elements located in flood zone?                                         Yes         No
       If yes, is flood insurance in force?                                                     Yes         No
       Provide coverage $ _____________________________________

28.    Is HOA insured for fidelity bond? * required if project is 20 units or more              Yes         No
       Amount carried by management company: $ _______________________
29.    Does the HOA have a reserve fund separate from the operating account?                    Yes         No
      If yes, is it adequate to prevent deferred maintenance?                                   Yes         No
      Current amount in fund: $______________
      Total income budget for this year: $ _________________
      Total budget reserves for the year: $ _________________

30. Are 2 or more board members required to authorize disbursements from the reserve            Yes         No
    account

31. Does the Management firm have the authority to disburse funds from the reserves             Yes         No
    account?


DOCUMENTATION
Please provide the following documentation:
   • Copy of Master Insurance
   • Fidelity bond Insurance (required for projects over 20 units)
   • Current operating budget (not applicable for 2-4 units)
   • Engineer’s Report and evidence repairs/renovation have been completed for non-gut
       rehab for condo converted within the last 3 years
   • CC&R’s By-laws (only on FHLMC/LP loans)

CERTIFICATION:

The undersigned certifies that the information and statements contained on this form and any
attachments to this form are true and correct. The undersigned further represents and warrants
that he/she is duly authorized representative of the Homeowners’ Association.

___________________________________                                       ____________________________
Name of HOA Representative                                                Signature of HOA Representative

___________________________________                                       _____________________________
HOA Representative Title                                                  Date Signed


HOA Contact Address and Telephone # email: _______________________________________

Conventional HOA Questionnaire – Full Review
Page 2 of 2
Rev 03/05/2012

				
DOCUMENT INFO
Categories:
Tags:
Stats:
views:2
posted:6/13/2012
language:
pages:2