What is the difference between full condo and a limited condo review you asked? It’s funny but you are not alone.
At first sight one has fewer pages than the other and for borrowing, it really matters. A limited review will not inquire about reserves for the community were the full review does. The limited review will verify the community’s insurance and will require adequate coverage for the condo. Both will ask about permits and violations. The association will need to provide detailed explanations in both forms.
Keep in mind that condos can pass one month and the following month may not. The reason can include but are not limited to violation, reserves and inspections.
When dealing with associations the best practice is to obtain the questionnaire up front as the bank will not accept the client’s application without it. This may be a cumbersome process but will save you a lot of time specially when property value is increasing.
You can always ask your broker to see if the condominium is in an approved list of condos. This will save you time and money since most associations charge for completing the condo review.
