The Resale Certificate is given to potential purchasers of condominium units before they buy the condo. This certificate allows potential purchasers to review the information about the Condominium Association and make an informed decision prior to their purchase.
The Condominium Questionnaire (CQ) is a document requested by lenders to evaluate the potential risk of the condominium association. Underwriting generates this questionnaire and will use this information to decide if the association fits their risk profile to determine if they will lend on a particular project.
***IMPORTANT PRICING INFORMATION- The Condominium Questionnaire (CQ) that you order requires us to fill out the lender questionnaire that is provided with the Homeowners Association information. If your lender would like any emailed documents (like a copy of current budget, rules and regulations etc.) each item is an additional cost of $25.00 per document. If additional documents are not required, please select “none” for this drop-down category.
A Homeowners Payoff Statement is typically requested by the Closing agent or Escrow agent.
It outlines the Monthly reoccurring expenses a new owner will be responsible for according to the Association documents. It also outlines the costs incurred to transition ownership and the balance required to settle the account if any exists. Contact your lender to acquire necessary documents to complete this process in full.