Project Information

Project Information

When you buy a condo, you're also buying into the building, the board, and the budget. Project Information is where the report sizes all of that up, for condos, co-ops, condops, and PUDs.

Four ways in

The section displays when the property is in a condominium, cooperative, condop, or PUD. The checkbox at the top carries over from the Subject Property section, and only one can be checked. A PUD gets a lighter version. Unit counts, deficiencies, completeness, and ground rent are only required for condos, co-ops, and condops.

Name, source, and unit counts

Start with the Project Name. Use the legal name, or the most common one if the legal name isn't available. Then the data sources, like the HOA or a condo questionnaire. Next, four counts: Total Units, Units Sold by the developer, Units for Sale, including those under contract, and Units Rented. Units Rented includes investor-owned units and units the developer rents out. If you have to estimate it, it prints with a tilde, and you explain how you got the number, like counting offsite mailing addresses.

What the monthly fee covers

Mandatory Monthly Fees is one combined monthly number for every required fee that transfers with a sale. Leave out discretionary fees, special assessments, and fees for private utilities. Then list the Common Amenities and Services, like a pool, a fitness area, or trash removal. Boat slips and unit storage also say whether they're assigned, owned, or unassigned. Last, the utilities the fee includes, or None.

Deficiencies, completeness, ground rent

You're expected to observe the whole project. Deficiencies, deferred maintenance, or critical repairs that affect value or marketability get flagged and described, with photos of physical issues. Is every phase, unit, common area, and amenity finished? If not, say whether the subject's building is. And was the project converted in the past three years? Each of these can add a row to Project Factors. Finally, ground rent on the project: the annual amount and when it expires. A ground lease on just the subject belongs in Subject Property.

Shares and blanket financing

Co-ops and condops add the share picture: shares issued and outstanding, the shares tied to the subject, and when the proprietary lease expires. If the co-op has blanket financing, each lien is listed, and the subject's pro rata share is calculated from its shares.

Impact to value and marketability

The Project Factors table pulls it together. Each factor that applies gets an impact: Adverse, Beneficial, or Neutral. Four rows always show: Developer/Sponsor in Control, Known Legal Actions, Unit Special Assessments, and Unit Tax Abatements or Exemptions. Condos add Single Entity Ownership of Multiple Units. Co-ops and condops add the Multiple Shares version. All three add Commercial Space and Unit Transfer Fees. Incomplete Project and Converted in Past 3 Years appear when your earlier answers call for them. Call anything Adverse or Beneficial, and you owe a comment on how it affects value or marketability.

Four things to remember

Quick recap. One. Condos, co-ops, and condops get the full section. PUDs get a lighter one. Two. Fees are one monthly total, without special assessments. Three. Shared amenities live here, owner-only ones don't. Four. Every factor that applies gets an impact, and anything but Neutral gets a comment. Next up: the Market section.