Selling Guide

Published April 07, 2021

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What requirements apply to all properties in a condo, co-op, or PUD project?

Requirements Applicable to All Properties in a Condo, Co-op, or PUD Project

All mortgages secured by units in condo, co-op, or PUD projects must comply with the following:

  • requirements specific to the project review method used to determine that project’s eligibility;
  • property eligibility requirements (described in Chapter B2-3, Property Eligibility);
  • priority of common expense assessments;
  • when an appraisal of the property is obtained, it must meet all applicable appraisal requirements (described in Chapter B4-1, Appraisal Requirements); and
  • insurance requirements (described in Subpart B7, Insurance, including all applicable provisions in Chapter B7-4, Liability and Fidelity/Crime Insurance Requirements for Project Developments).

 

For additional information, see B4-2.1-01, General Information on Project Standards.

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