Form 25 - Wells Fargo Prior Approval Page 2
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2Wells Fargo Prior Approval
Homeowners Association Certification Review
Form 25
18. Do the project legal documents include any restrictions on sale which would limit the free transferability of title?
Yes
No
(i.e. Age Restrictions, First Right of Refusal, etc) ____________________________________________
If yes, list the restriction(s)
19. Is the unit part of a legally established condominium project, in which common areas are owned jointly by unit owners
Yes
No
20. Are the units owned in fee simple or leasehold?
Fee Simple
Leasehold
21. If there are any amenities/recreational facilities, are they owned by the HOA?
Yes
No
22. If a unit is taken over in foreclosure or deed-in-lieu, is the mortgagee (lender) responsible for delinquent HOA dues?
Yes
No
If yes, are they responsible for
0-6 months or
7 + months
23.
Does the property operate as a resort hotel; renting units on a daily basis?
Yes
No
If yes, number of years in operation: ____________
Please check applicable services:
Restaurant / food service
Check-in rental desk
Daily maid service
Commercial (boutiques, etc.)
Time share
Mandatory rental pool
Percentage of square footage: ___________________________%
24.
Is any part of the project used for commercial purposes?
Yes
No
If yes, what percentage of square footage? ___________%
25. Do the project legal documents or local zoning limit the amount of time the owner can live in their unit? ________________
26. HOA is named insured on master insurance policy? ________________________________________
27. Are common elements/limited common elements insured to 100% replacement cost?
Yes
No
28. Coverage $___________
Deductible $__________________
Expiration Date: _____________________
29. Are units or common improvements located in a flood zone?
Yes
No
If yes, is flood insurance in force?
Yes
No
Does this cover at least 100% replacement?
Yes
No
Or, is this the coverage maximum available per condominium federal flood program?
Yes
No
30. Is the HOA insured for general liability?
Yes
No If yes, amount per occurrence $____________________
31. Does the HOA provide hazard insurance coverage for the interior (walls-in) of the condominium unit?
Yes
No
32. Is the HOA insured for Fidelity Bond?
Yes
No
If yes, amount $__________________
Amount carried by management Co.: $____________________
33. Minimum number of days required for written notification to be given to HOA or insurance trustee before any substantial
changes or cancellation of the project coverage? _____________________________
The above information was obtained from the following representative of the project’s Homeowners Association. #1 – 13 must be
completed for the Homeowner’s Association re-certification.
Certification completed by:
Wells Fargo to complete information obtained verbally
Print name
HOA Representative (Print name)
Position/Title
HOA representative Title
Phone
Signature
Wells Fargo Team Member (Print name)
Date
Phone
Wells Fargo Team Member Signature
Date
Last Updated: March 2013
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