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What questions are answered in an Information Letter?

1.                How many units are included in the project?

2.

How many units are occupied by owners as their primary residence?

3.

How many units are owned by off-site owners?

4.

How many units are one month or more delinquent in their association fees?

5.

What is the total dollar amount of delinquent assessments due the association?

6.

Total dollar amount held in reserves by the association.

7.

How many units are sold and closed?

8.

Do all units have the same fee?

9.

Does this unit also belongs to a master/umbrella association?

10.

Has ALL construction and/or rehabilitation at the project been completed? This includes all units, pools, clubhouse, tennis courts, and all other amenities.

11.

The project contains multi-dwelling units.

12.

Any/all units in the project are attached.

13.

Owners have taken control of the association.

14.

The approximate date that the project construction was completed?

15.

One person/entity owns more than 10% of the total units.

16.

The project's legal documents allow for the project to be expanded by additional phases or by units not yet constructed.

17.

The association/project allows for daily or weekly rentals.           

18.

All units are owned fee simple - NOT leased land.

19.

The association owns all amenities and recreational facilities debt and lien free?

20.

The project is professionally managed.

21.

There are currently special assessments planned or there has been a special assessment in the last two years.

          a. If true, the purpose, term, and assessment per unit are:

22.

The Association is involved in pending litigation other than relating to past due assessments. 

a. If  true, the following is an explanation of circumstances:

23.

Timesharing or segmented ownership is allowed.

24.

There is commercial usage.

If true, the type of usage and total square footage used as commercial space is:

25.

The Declarations and By-laws of the Owners' Association include a "Right of First Refusal" by the Association on unit sales.

26.

The Owners' Association maintains comprehensive general liability insurance coverage for a minimum of $1 million.

27.

The common elements/limited common elements are insured to one hundred percent (100%) of the replacement cost.

28.

The Association's insurance is covered through the following agent.  Please contact the insurance agent for policy information.

29.

The Management Company maintains separate records and bank accounts for the Owners' Association which it serves.

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