The Homeowner’s Association Certification, commonly referred to as Form 921 A, serves as a comprehensive tool for evaluating the standards and specifics of a condominium project ranging from two to four units. This form delves into various critical areas, such as the total number of units and their occupancy status, the completion of common elements, and whether the project is expected to undergo further phasing. It also assesses the ownership and rights regarding the project's facilities and common areas, alongside the ownership spread among individuals or entities. Furthermore, it addresses potential red flags such as litigation involving the homeowners’ association, environmental factors that could impact the property, restrictions on sale that might affect the free transfer of title, and the nature of ownership - whether fee simple or leasehold. Additionally, the form inquires about the unique operations of the property, including whether it functions as a condo hotel/motel or engages in short-term rentals, and scrutinizes the usage for commercial purposes. Insurance-related queries probe into the coverage extents for the common elements and whether the units lie within a flood zone, encapsulating an all-around view on the standing and integrity of the condominium project. This documentation is essential for lenders and parties interested in ensuring the condominium meets the limited review requirements set by regulatory entities such as FNMA, facilitating informed decision-making in the real estate and lending spheres.
| Question | Answer |
|---|---|
| Form Name | Form 921 A |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | homeowners' association certification form 921, condo certification form, condo cert, what is condo form 921 |