Whether your project is a multi-phase development or a “condex” conversion, it is essential that the formation documents be accurate and comply with all local and state requirements. Our services include drafting of condominium formation documents and homeowners association incorporation document. Our services include ongoing consultation with surveyors, architects, municipal and state officials.
FHA or VA Approval
As a developer, association, broker or unit owner, it is essential to maximize the potential pool of buyers for each unit. Current market conditions require that your units are eligible for lending from the Federal Housing Administration (FHA). With over 50% of new mortgage applications being for FHA financing, you cannot afford to exclude FHA qualified buyers .
In order for a buyer to be able to qualify for FHA financing on a unit purchase, the development must be included on a list of approved condominium associations that have been approved by the U.S. Department of Housing and Urban Development. The approval process is comprehensive and has undergone several changes recently.
Veterans of the armed services are potentially eligible for special financing options with relaxed eligibility requrements. The Veterans Administration currently offers unique financing options for purchasers who have served in the armed forces or who are currently on active duty.
Oak Hill Condominium Consultants has the knowledge and expertise to ensure that your project is submitted properly and is reviewed in a timely manner.
"Superpriority" Lien Statutes
Some jurisdictions allow for a condo or homeowner’s association to take legal action to assert a first position lien on the unit in the event that there is a condo fee arrearage. These actions compromise the rights of lenders and other lienholders as well as create excessive legal bills that are ultimately the responsibility of the unit owner. It is essential that these matters be dealt with promptly and efficiently. Attorney Hachey is a licensed attorney with experience in these matters and will provide specific advice on strategy and resolution.