Monday, April 10th, 2017 at 6:48pm
2-4 Unit Condos
This site explains the standard requirements for condo approval. But, for a condo with 2-4 units, we are not required to review the project other than making sure the condominium:
a. Has adequate insurance and meets requirements as laid out here.
b. Is not operated like a hotel or motel…is not a house boat…or a time share. The property must be residential in nature, safe, sound, and structurally secure, meet zoning requirements, be suitable for year-round-use, be accessible by roads, and be served by utilities which meet community standards.
c. In the event of a foreclosure, the lender is not obligated to pay any more than six months delinquent condo fees