Condominium Questionnaire Template (Page 3 of 4) in pdf

Condominium Questionnaire Template Page 3

23. How is title the units held?(Fee simple or Leasehold)__________ (If leasehold please

provide copies of the lease)

24. Is each unit conveyed by a separate deed?__________

25. Are there leased recreational or common area facilities?___________ (If yes please provide

a copy of the lease)

26. What is the zoning for the condo? _____ Legal _______ Legal non-conforming

27. Are the utilities separately metered? _______ Yes _______ No

28. Does the project have a rental desk, room service, daily cleaning service?__________

Please list what is applicable

29. Does this project have documents on file with the Securities and Exchange Commission or

does the project promote unit ownership as an investment opportunity?__________

30. Is this a common interest apartment project or a community apartment project owned by

several tenants-in-common or by a homeowners association in which individuals have an

undivided interest in the residential apartment building and land?_____

31. Does the association allow timeshare, segmented ownership?__________ (If yes, please

list)

32. How many units are 60 days or more past due on association fees?__________ Does this

represent more than 15% of total units?_____ Total amount of past due association

fees?__________

33. According to the Condo Legal Documents, Is the mortgagee responsible for more than 6

months of unpaid dues/assessments in case of foreclosure? ______ Yes or ______ No

34. Have there been any special assessments in the past two years?__________ Are any

special assessments now planned?__________ Please explain in detail if there have been

special assessments in the past two years or if special assessments are being planned now.

35. Does the property management team (if there is one) have the authority to draw checks

against or transfer from the reserve funds?__________

36. Are two or more members of the Board of Directors required to sign checks drafted against

the reserve account?__________

Condominium Questionnaire Template Page 3