Frequently Asked Questions
This section contains Frequently Asked Questions (FAQs) which are routinely
asked on "Homeowners Association Certification" or
"Uniform Project" questionnaires issued by banks and mortgage
companies. Those interested in eliminating the normal fee charged by the
condominium association for the completion of these questionnaires may do so by
seeking the answers to the questions contained in their questionnaire below.
Q: How many units are in the
development?
Q: How many of the units
have been Sold & Closed?
Q: Is
the development subject to additional phasing or annexation?
Q: Is
any part of the development used for commercial purposes?
Q: What is the
Owner-Occupied/Invested-Owned ratio?
Q: Does
the association allow daily or weekly rentals?
Q: Are the units owned in
"fee simple?"
Q: Are there any
multiple-unit owners?
Q: How many unit owners are
30 days or more delinquent on Association dues?
Q: When did the unit owners
(other than the developer) take control of the association?
Q: Is there any pending
litigation against the Association or the developer?
Q: Are all of the units,
common areas and facilities complete?
Q: Is
there more than one association for the development, such as a master or
umbrella association?
Q: Does the Association
carry Fidelity Bond Coverage?
Q: Does the Association
carry a Master Flood Insurance Policy?
Q: What is the amount in the
Replacement Reserve Account?
Q: Who is the Condominium
Association's insurance agent of record?
Q: How do I obtain a
"certificate of insurance" documenting that the condominium
association has the insurance that my lender requires?
Q: What is the term of the
management contract, if any?
Q: Is the management
contract mutually cancelable?
Q: What are the monthly
condominium association dues?
Q: How many units are in the
development?
A: Twenty-six (26).
Q: How many of the units
have been Sold & Closed?
A: Twenty-six (26).
Q: Is
the development subject to additional phasing or annexation?
A: No.
Q: Is
any part of the development used for commercial purposes?
A: No.
Q: What is the
Owner-Occupied/Invested-Owned ratio?
A: 16 units are occupied as
primary residences by their owners, 2 units are occupied as primary residences
by tenants and 8 units are occupied as a second home.
Q: Does
the association allow daily or weekly rentals?
A: No. The minimum term of
lease is 6 months.
Q: Are the units owned in
"fee simple?"
A: Yes.
Q: Are there any
multiple-unit owners?
A: No.
Q: How many unit owners are
30 days or more delinquent on Association dues?
A: Zero (0).
Q: When did the unit owners
(other than the developer) take control of the association?
A: September 10, 1988.
Q: Is there any pending
litigation against the Association or the developer?
A: No.
Q: Are all of the units,
common areas and facilities complete?
A: Yes.
Q: Is
there more than one association for the development, such as a master or
umbrella association?
A: No.
Q: Does the Association
carry Fidelity Bond Coverage?
A: No.
Q: Does the Association
carry a Master Flood Insurance Policy?
A: Yes. Information
about the flood insurance policy, including the amount of the coverage and
actual copies of the flood insurance cover pages for each of the 5 buildings can
be found in the Flood Insurance subsection
of this web site.
Q: What is the amount in the
Replacement Reserve Account?
A: Please refer to the Balance
Sheet for the most recently completed Fiscal Year for this information.
Additionally, the Fiscal Year 2003 budget details the amount which is earmarked
for the Replacement Reserve Account during the current Fiscal Year. A copy of
the Fiscal Year 2003 budget can be found within the Fiscal Year 2002 Statement
of Revenues & Expenses. Both of these reports are part of the 2002
Annual Report which was issued at the 2002 Annual Meeting and is available
in the Financial Information subsection of this
web site.
Q: Who is the Condominium
Association's insurance agent of record?
A: Please refer to the Insurance
sub-section of the web site for detailed information about the association's
insurance.
Q: How do I obtain a
"certificate of insurance" documenting that the condominium
association has the insurance that my lender requires?
A: Contact the association's
insurance agent listed in the Insurance subsection
of the web site and they will gladly furnish a certificate.
Q: What is the term of the
management contract, if any?
A: 30 days.
Q: Is the management
contract mutually cancelable?
A: Yes.
Q: What are the monthly
condominium association dues?
A: Please refer to the
"General" Frequently Asked Questions section in
order to determine the monthly fee for the particular unit you are interested
in.
