Condo Questionnaires
If you ever try to sell a unit in a condo that is not FHA approved and the buyer needs financing, the lender will most likely require information about the condo. If the condo is run by a management company, you will most likely be told to go to a website called www.condocerts.com to purchase that information because the management company does not want to get involved in liability issues. The info you will need is called a condo questionnaire.
One issue you will face is who will pay for it. It is not very expensive as it amounts to about $80. I believe that because it is a lending requirement, it is the buyer who should pay for that. It's just like an inspection or a survey. It benefits the buyer and the buyer pays for it. I have asked a few local real estate attorneys and they all agree with me.
We almost lost a transaction recently when the "cooperating" selling agent refused to pay for the condo questionnaire. She insisted that the listing side should pay for that. The seller eventually paid for it because he wanted his property sold. [:'(] The selling agent must think that she is a great negotiator by saving her client $80 but what she fails to realize is that she most probably also lost our willingness to show her listings in the future. Good goes around but so does Bad.