What is a Homeowner Association Questionnaire or HoA Questionnaire?

[Benny]

Question for the community. I know what attorney questionnaires are and what bank questionnaires are when buying a condo or a co-op, but what is a Homeowner Association or HoA questionnaire? What is the difference?

Is there a fee that is charged? If so who pays the fee, the buyer or the seller? Who's responsibility is it to complete this HoA questionnaire?

Thank you, and lastly, would appreciate it if anyone has a sample Homeowner Association Questionnaire I can take a look at.

[Cara]

Hi Benny, here is the sample for Home Owner's Association Questionnaire:

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Home Owner's Association Questionnaire

Barrower: Natasha I. Joseph
Loan #: 257155247
Address: 860 Bee Street, Ravenna, MI 49451

Condo: ✔ Attached PUD:
Name of the Project: The 12 Regency Condominium
Year Completed: 2019
Name of the Management Co: Pinnacle Inc.
Current HOA Dues: 21812

Total number of units in the project: 82
Total number of phase completed: 1
Number of units sold (actual closing) 2
Number of units that are pending sale 15
Number of units unsold (owned by developer) 68
Number of units that are or will be owner occupied 16
Number of units that are or will be rentals --
Number of units with 30 days or more delinquent HOA dues N/A

Does this project include commercial space? Yes
If yes: total number of units within the project 2
% commercial space within the project 1,975 sq. ft.

Does any member of the HOA, other than the developer, own more than two units? YES _________ NO ____✔____
If yes, how many units in the project does this person own? YES _________ NO_________
Are all common areas and recreational facilities installed and completed? YES ____✔____ NO__________
If no, please explain: __________________________
Are the unit owners, other than the developer, in control of the HOA? YES _________ NO ____✔____

Section 2

Is the homeowners’ association or sponsor/developer (if control of the HOA
has not va been turned over to unit owners) named as a party to any litigation? YES _________ NO ____✔___
Is the project currently in litigation involving minor matters? YES _________ NO ____✔___
Is the project currently in litigation related to the safety, structural soundness,
habitability or functional use of the project? YES _________ NO ____✔___

**if yes to any of above questions, please attach a brief summary of litigation to this form, we may request for additional information/documentation related to the litigation.

Section 3

Are units in the project subject to rental pools that require the unit owners to either rent
their units or give a management firm control over the occupancy of the units?) YES _________ NO ____✔___
Does the project maintain a registration desk for units? YES _________ NO ____✔___
Does the project maintain a registration desk for units? YES _________ NO ____✔___
Are any of the units in the project subject to daily occupancy rates? YES _________ NO ____✔___
Are daily cleaning services available to units in the project? YES _________ NO ____✔___
Are any of the units in the project subject to timeshare or segmented ownership terms? YES _________ NO ____✔___
Does the project permit one owner to hold title to more than one dwelling unit, with
— ownership of all of his/her owned units evidenced by a single deed or mortgage? YES _________ NO ____✔___
Do local zoning regulations prohibit rebuilding the project or individual units to
current density in the event of their partial or full destruction? YES _________ NO ____✔___

Section 4

Does the project's projected budget appear to be adequate (i.e., includes allocations
for line items pertinent to the type of condominium), including providing for the funding
of replacement reserves for capital expenditures and deferred maintenance (at least
10% of the budget) and adequate funding for insurance deductible amounts? YES ____✔__ NO __________
Is hazard insurance in place to cover 100% of the insurable replacement cost of the project
improvements? (The deductible amount must not exceed 5% of the policy's face amount.) YES ____✔__ NO __________
Is liability insurance in place providing at least $1 million of coverage for bodily injury
and property damage per occurrence? YES ____✔__ NO _________
Is flood insurance (if required) in place providing coverage at least equal to the lesser of
100% of the insurable value of each building, including all common elements and property
or the maximum coverage available under the National Flood al” Insurance Program? YES _________ NO ____✔___
If the project has 21 or more units, is fidelity insurance in place covering the maximum
amount of funds that will be in the custody of the owners’ association or management
company at any time? YES ____✔__ NO _________


I CERTIFY THAT THE ABOVE INFORMATION IS TRUE AND CORRECT.
Name and Title: Joe S. Gregg, Managing Agent
Date completed: 10/22/2019