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A.Hire and or interview an attorney to draft condominium documents, review mylars, add builder addendums, help with tenant meeting, and record the final documents.
B.Envelope Study: A specific study of the exterior of the building looking for any dry rot, intrusion of water or moisture problems and creates a list of what needs to be fixed prior to closing any sale.
C.Engineers report: Report of building condition and systems. Mainly focuses on the roof, inner systems of the building along with life expectancy of each. Any upgrades being done to the building, will be also addressed in this report either by the engineer or a licensed architect.
D.Hire a Designer: Need a qualified designer to help in choosing finishes for the lobby, common areas, and unit finishes. Key role.
E.Hire Surveyor: Need to hire a surveyor to measure the interior units, common areas, parking, and lot lines. These measurements will be put into the condominium documents and placed on a mylar to be recorded.
F.Hire a Management Company: Need a management company to aid in providing a budget for the homeowner’s dues and will need to forward to the builder. Also need a contract with Management Company to be provided to sponsoring lender for FNMA application.
G.Choose Sponsoring Lender: Need for on site support, project approvals, etc.
H.Choose Title Company and order a Condominium Certificate. Choose Escrow.
I.Insurance binder for project and for Fidelity Bond insurance for the Home Owners Association. Needs to happen at time of FNMA application.
Check List
