L.K. from Will County, Illinois writes:
Dear Mister Condo,
Does a condo board and/or their management association have the right to see a buyer’s purchase agreement with details of amount buyer is mortgaging, the interest rate limit, closing date?
Mister Condo replies:
L.K., depending on state law and/or governing documents it is quite common for the association to know all of the details of the units within the association, including who is residing in the unit, whether they lease or own, and the mortgage holder information. It isn’t because the association is nosy or is interested in your particular details. The association needs to know these things so they can prepare reports necessary for insurance and financial institutions. For instance, if the association is asked to provide the percentage of units mortgaged to a lending institution, how else would they know if the owner didn’t provide that information? It is a common practice. All the best!
2 thoughts on “Condo Board Typically Has Right to Know Buyer and Mortgage Details”
Great response Bob, also, any Condo with a right of first refusal has the full rights to review the contract and mortgage details. How else could they exercise that right? 😉
Great point, J.B.! Thanks for adding your wisdom! 🙂