FHA Condo Approvals – Legal Documents Requirements
In working to get a condominium project approved with HUD, it is required that copies of recorded legal documents be included in the submission package.
This includes the Declaration, By-laws, all amendments, plat map(s) and building plans from town/city hall and a copy of the Articles of Incorporation/Organization from the Office of the Secretary of State.
Notice that I wrote above “recorded legal documents” because HUD will only accept copies of the documents from town/city hall. The only exception to this is the By-laws; HUD does not require a copy of these from town hall if they are not recorded.
Not surprisingly, condominium associations do not typically maintain copies of the documents copied from town hall. Prior to their recording, several copies of the documents are made and one is maintained by the association. It would then seem redundant to return to town hall to pay to obtain these copies after they are recorded.
HUD does not require that the copies are certified by the town/city hall; simply providing pages with the volume and page numbers stamped on them is sufficient.
As mentioned above, the By-laws are the exception to this requirement because some states do not require that By-laws are to be recorded. However, if the By-laws are recorded as part of the Declaration or Public Offering Statement, the recorded copy must be provided as part of the submission package.
Many times, there are multiple plat maps or site plans if there are multiple phases. It is not necessary to supply to HUD each of these. Only the most recent map/plan depicting the completed project or the most recently completed units is sufficient.
The Articles of Incorporation/Organization (depending on the state) are also required. Providing to HUD a printout from the website of the Secretary of State demonstrating the existence and standing of the corporation is not sufficient. And, as with the Declaration, a copy from the Secretary of State’s Office with the volume and page numbers on it is required.
The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA. We have assisted nearly 200 condominiums and we can help your association.
ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.
Please contact us with any questions regarding FHA or VA condominium project approvals. You can email me at firstname.lastname@example.org or call me at 404-433-4565. I will be happy to answer any of your questions.
FHA/VA Condo Approval Specialist
404-433-4565 Cell Phone
860-644-3772 Fax Phone
Check out our article in Common Interest magazine on page 19!