Wow what a title.... If I could shorten it I would. Trust me.... That is a mouthful
So you may be asking, "Why am I reading about condominiums? I will never own a condominium. Condos cost too much monthly. I know everything I need to know about condominiums."
Whatever your reason, Condo's are a great thing.
So I got to thinking about Condos...
Why would someone want to own a Condo?
I mean, it's not a house, right?
And it's kind of like an apartment.
Only it isn't an apartment.
So, here are a few pros and cons that I think are involved in owning a condo...
- No yard work! That's awesome
- Association takes care of some of the utilities(this depends on the condo association of the complex)
- Amenities - pool, laundry, convenience store, gated community etc.
- Monthly COA fee (condominium owners association fee)
- Pets may or may not be allowed
- Could have troubles with the management group of complex
I'm sure folks have different pros and cons, especially if you have or do live in a condominium complex. But keep in mind that the reasons I gave are not facts. They're the just opinions of Sheldon Haywood from The Haywood Home Team.
So, I'm not here to tell you how to purchase a condo unit in Oklahoma or what all the steps are to purchasing one today. I'll do that in another blog. I'm here because of this little gem.
So you might ask, "What is a condominium questionnaire? Who requires a questionnaire to be completed? What happens if the condominium is not approved?"
These are 3 questions that a first time condominium buyer may ask themselves or their representation.
Condominium questionnaires determine whether or not a condominium complex will be warranted. if you are obtaining a Conventional, FHA, or VA loan would be the only reason a lender would be involved. If you are buying a condominium with cash there should not be a questionnaire but it could be different in your state.
Ok so why are we talking about the questionnaires? Are they really that important..... Yes they are!! If the complex isn't warranted after the questionnaire than you may not be able to close on that specific complex. Also the other reason is because of the cost.
Yes there is a charge to get a questionnaire updated and completed.
Can you believe that? A condo association charges money to answer questions on a document. Now, they aren't the easiest questions in the world but the information should be readily available or you would think so.... Anyways the cost can range depending on the complex and the lender.
I have read of people paying twice: 1 time to lender and 1 time to the association.
These fees can also vary from $50.00-$450.00
How does one find out who gets charged this fee? If you are using a REALTOR in your market area they should know and if not, ask your lender!
The Haywood Home Team has listed and sold condominium units before and would be happy to help out again! Call, text or email any of us with other questions about purchasing or selling a condominium.