Need quick responses!
I have never heard of a "condo questionnaire" before.
What is it?
Can the lender charge the buyer for this?
What is considered a "reasonable" charge for this questionnaire?
I am still waiting to hear back from the lender about this charge. After explaining this to my realtor and telling her I thought he was referring to the condo certs (which the seller pays for & the state dictates the fees that can be charged), the lender told my realtor that the seller pays the questionnaire fee.
Really??? How can MY lender create a fee and force the seller to pay it?
The lender is NOT paying my condo fees, taxes, or insurance. Those are my responsibility.
I am missing something here...any help is appreciated!!!
Edited - I am putting 25% down, good credit scores, excellent debt to income ratio, and using conventional financing.
Edited - This is a building that is less than 15 years old, more than 4 units.
After doing some more research on the net, I have learned a lot more.
The fee the lender wants to charge is outrageous and unreasonable.
I have requested the seller to provide the information requested, and if there is an additional lender fee, to pay that as well. We will see. Not sure this deal wil go through or not...
Sure hating these surprises! A "move in" fee...a "questionnaire" fee...a "purchase fee" of a key....six months of reserves...(I thought two months reserves was standard...)
...almost certainly it is not a lender imposed fee but one required by the condo assoc ...your GFE/Closing work sheet lists every item that will have to be paid/accounted for at closing ...since the fee is likely required by the condo assoc, it must be listed in the lender disclosures ...you need to ask your lender to explain any line that you dont understand or question ...hth
Yes the fee comes from your condo association. In our area the condo estoppel fees and condo questionnaire fees are so high that the Fl house is trying to legislate maximum allowable charges. The lender does not add to these fees. It is a disclosure item.
...ah yes, the lovely "Palm Beaches" where the listing price is $120k and the closing costs include a mandatory $450k golf club membership
The state has a limit on how much can be charged for providing the condo docs to a max of $200 for the docs and a max of $50 for "processing." The seller, by law, is required to provide the condo docs to the buyer, after there is a ratified contract, within 5 days. (Failure to do so gives the buyer a chance to walk away, penalty free.)
The lender was stating he was going to charge ME $250-350 for the condo questionnaire. The amount charged would depend on how "fast" he had to get the doc.
The condo property manager has to fill it out, not the lender. It's part of the condo doc fee charged by the condo property manager (max fee allowed to be charged is $250 per state law.)
The lender told me he was charging me for it. The lender told the realtor the seller will pay it. IMO, the lender can't force a fee on someone who is not his client.
My online research showed that the condo questionnaire is legit, but it is provided by the condo association, not the lender. The research also showed that the questionnaire is part of the documentation that the seller is required, by law, to provide. Therefore, it's their fee, not mine.
End of story - I told my realtor I am not paying the fee and this is a deal breaker. The realtor has said (bless my realtor's heart) that if the fee is charged by the lender to me, she will pay it.
I think I blew them both away with knowing the law and the process and putting my foot down about the fee.
I don't have the GFE yet.
The seller/seller's agent hasn't disclosed a lot of things yet that I already know about the condo, like the mandatory move in fee or the charge for the key...stuff that shoudl be disclosed up front. (I know them already becuase I have been trying to purchase in this area for awhile and have talked to the property management company.)
We don't have a happy ending yet...still in the waiting game stage.
And the blessing is I am not purchasing in FL and do not have a mandatory $450k golf club membership!
...in the spirit of fairness to all, it's $450k for a golf AND country club membership ...see, makes you feel all better now ...hth
Lol - it DOES help put things into perspective!
Onto the countdown for closing....and everyone around me (the property manager, the lender, the agent, the title company, the insurance company...) are all sooooo sooooo excited!!
I am not there yet.