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16-A.03 Table of Required Documents
Table of Required Documents
The table below identifies the documents that the VA office of jurisdiction must review in order to approve a particular condominium project.
Reference: See Section 16-A.02, Condominium Approval Procedures
Using the Table
As indicated in the table, some documents are required only
· if applicable
· if the declarant is in control of the project, or
· for condominium conversion projects.
The last column indicates whether or not it is acceptable to submit a draft of the document. Recorded or existing final documents must be provided if loans have closed in the project.
Required Document New Project Existing Resales Draft
1 Declaration of Covenants, Conditions and Restrictions
Yes Yes Yes
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2 Bylaws for HOA Yes Yes Yes
3 Articles of Incorporation for HOA If Applicable If Applicable Yes
4 “Umbrella” projects, Declaration, Bylaws and Articles of Incorporation, as above
If Applicable If Applicable Yes
5 Plat, map and/or air lot survey of project Yes Yes Yes
6 Plat, map and/or air lot survey of unit(s) If Applicable If Applicable Yes
7 Development plan and schedule Yes If Declarant Controls Yes
8 Information or Public Offering Statement Yes If Declarant Controls Yes
9 Grant/deed/leasehold agreement form Yes If Declarant Controls Yes
10 State reviewing agency’s report If Applicable If Applicable Yes
11 Annexation documents If Applicable If Applicable Yes
12 Cross-easement(s) If Applicable If Applicable Yes
13 Facility Leases If Applicable If Applicable Yes
14 Management agreement If Applicable If Applicable Yes
15 Service contract(s) (either form of or actual)
If Applicable If Applicable Yes
16 HOA budget (existing or proposed) Yes Yes No
17 Current financial statements and reserves of project
If Applicable If Applicable No
18 Special assessments/litigation statement Yes Yes No
19 Minutes of last two HOA meetings Yes Yes No
20 Registered architect/engineer statement on project condition (conversions only)
If Declarant Controls
If Declarant Controls No
Submit as Available
Although the following documents are also required, as applicable, they may not be available for submission with the initial package. They must be submitted as soon as available and before any lots or units in the project can be considered eligible for VA loan guaranty.
Document New Project Existing Resales Draft
21 Recorded documents Yes Yes No
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22 Recorded annexation document for subject phase (expandable projects only)
Yes Yes No
23 Evidence recreational facilities completed and common area conveyed to HOA
Yes Yes No
24 Statement on adequacy of utilities serving site (conversions only)
If
If Declarant Controls
Declarant Controls
25 Evidence common area title free of financial encumbrances
Yes If Applicable No
26 Evidence of final local authority approval
Yes No No
and final VA inspection (Low/High Rises and Conversions only)
27 Lender’s certification that pre-sale requirement met
Yes Yes No
Overview
Section B
Use of Attorney’s Opinion
Attorney’s Opinion Encouraged
Lenders/sponsors seeking VA approval of a condominium are encouraged to include an attorney’s opinion that the project meets VA requirements, along with the organizational documents.
This will expedite VA approval of the project by reducing the extent of VA’s review of those documents.
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General Requirements
The attorney’s opinion must
· be prepared in letter form on the attorney’s firm’s letterhead
· be signed, dated and show the name and title of the attorney rendering the opinion, and
· address four areas
- project identification
- documents reviewed
- attorney’s qualifications, and
- attorney’s opinion.
In This Section
This section contains the following topics
Topic See Page
16-B.01 Contents of Opinion 16-B-2
16-B.02 What Opinion Must Address 16-B-4
16-B.03 Assumptions That Opinion May Include 16-B-7
16-B.04 Qualifications or Limitations that Opinion May Include 16-B-10
16-B.05 Exhibit A: Other VA Requirements 16-B-12
16-B.06 Exhibit B: Condominium Regulations 16-B-28