It includes questions about:
- Basic information about the condominium, including whether it’s finished or still being developed
- Questions about common charges (What they are now and when were they last increased) – This is useful information for buyers as well
- Amendments in the original offering plan
- Building’s original and revised status (whether it started out as condominium or something else)
- Financial information about the building
- How many people living in the building own the condos, and how many are renting them out
Who Uses It And Why It’s Important?
Mortgage lenders consider condos riskier than single-family homes because those homes come with land which has its own value. So they look at the financial health of the building that the condo is part of to make sure its value will rise with time, not fall.