What information do I need if I am selling my condo unit?
A: When preparing to sell one’s unit, many documents may be necessary; however, a 6d Certificate is required. The 6d Certificate is a certificate of no lien assessment against the unit being purchased or refinanced. A financial institution you are working with may request a Standard Form Association Sheet (also referred to as a Condo Questionnaire) to help them answer specific financial questions. A Title V (septic report) may be required to prove that the septic has been inspected and passed. Condominium Documents may be used by the seller to assist in explaining to potential buyers information such as the rules and regulations of the condominium association. Other documents such as a budget, year-end review, and additional miscellaneous documents may be required and can be obtained by the seller.
What information do I need if I am refinancing?
A: Typically when refinancing, an owner will need two things: a 6d Certificate and a Standard Form Association Sheet (also referred to as a Condo Questionnaire). The 6d Certificate shows what condo payments have been or have not been made by the owner as of a certain date. A Condo Questionnaire is commonly used by a financial institution (bank or mortgage broker) to answer specific questions required by the secondary mortgage market.
What is a 6d certificate and why do I need one?
A: The 6d Certificate is a certificate of no lien assessment against the unit being purchased or refinanced. If any money is due to the condominium association as of a certain date, it will be stated on the certificate. This is a legal document which is recorded at the Registry of Deeds and is a requirement of all financial institutions in order to sell or refinance your unit.
How long will it take to get a completed 6d certificate after one is requested?
A: Once MPM receives all of the completed information sheets and the required payment, the process will begin. Typically, it takes a minimum of 10 business days to complete. This is because the certificate must be sent out to a trustee to be signed and notarized before it is sent back to MPM. Once MPM has received the completed 6d certificate from the trustee it will be mailed.
What is a condo questionnaire and do I need one?
A: A Condo Questionnaire is commonly used by a financial institution (bank or mortgage broker) to answer specific questions required by the secondary mortgage market. Although many financial institutions have their own form, our questionnaire provides all of the necessary information required by most financial institutions.
|
