All You Need to Know About Condos
Updated: Apr 17, 2019
Important Questions to Ask
How many units?
Is the project complete?
Are all the units sold?
Is there commercial space?
Is the project named as a party to a lawsuit?
Does any single entity own more than one unit?
Are any of the Condominium Association Dues more than one-month delinquent?
Has control been turned over to the unit owners?
What is a "Condo Crusher"
Condo Crusher = Criteria that makes a Condominium project ineligible
Commercial influence is >35% of the space.
Project is named as party to pending litigation (unless minor in nature).
One single entity owns more than one unit and does not meet the following:
Projects with 2-4 units – single entity ownership does not apply. One person may own multiple units.
Projects with 5-20 units – no more than two units per owner.
Projects with 21 or more units – no more than 20% per owner.
2-4 Unit Condos
Recent changes have made buying a unit within a 2-4 unit condo project much easier!
There are no questions ASKED.
CONDO REVIEW IS WAIVED FOR NEW AND ESTABLISHED 2-4 Unit projects, except for some basic project requirements (ie, proper insurance, appraisal,).
Buying an Investment condo has never been easier. Now, buyers who put down 25% are be eligible for a streamline, limited review- eliminating full condo review and without a questionnaire needed!
NO OCCUPANCY REQUIREMENT IS ASK.
NO BUDGET IS NEEDED.
NO WORRIES ABOUT MULTIPLE UNIT OWNERS.
Another way, we can help you with FASTER Closings.
We love condos, because we know condos! We are here to answer ANY questions you have about condo project requirement. Let us help your buyers get into the right program because of the right information about condo warranty.