Project Name For Condominium

[Wayne Tomlinson]

The USPAP sorta suggests that you identify the property sufficiently for the reader to know where it is, but that may be a minor matter.

An other reason is to not appear too lazy to do it.

Wayne Tomlinson

 

[Pamela Crowley (Florida)]

The HUGE list of condo projects that have numerous fraudulent deals and/or multiple buyer 'incentives' and 'concessions' and 'illegal cash back offers/deals' is on almost every lenders QC dept desk, and moving on the desks of pre-funding UWs. If you used sales in a project on this list, you will need to explain what you did to verify whether or not those incentives and other side deals were involved and properly adjusted for.

 

[DTB]

Yes, it will. It will mark it as different, and the job of checking on the nature of the condominium so much easier when you know the name of the condominium. Even most appraisers are smart enough to understand that concept.:new_all_coholic:

A really smart appraiser would already know it IS different, the address on the top line might be a clue. The dumbing down of the world stops for no man. Another clue might be the map, distance reported on the grid and the comments in the narrative. But then those might not be so obvious to a skimmer of the report.

 

[Ray Miller]

I always include the project name if the sale selected is out side of the subjects project.

It may take some leg work and research time other then click some buttons on the puter. But that is what they use to pay us for, research to establish a clear picture for the lender. Cutting data research for faster turn times???? Right, that is the way it is now.

 

[Ken B]

Never saw a deed that did not include the legal description of the property.

 

[Doug Trites]

It appears that no one wants to answer the basic question asked. The reason they want to know project names, is due to wanting a sale or two in different condo. This helps protect in the event the one condo unit did something like included a boat with each condo. Going to a difference completex helps insure there was not an across the board incentive given.:blush:

 

[TXCBoy36]

The purpose is to allow the reader to better identify what project/subd you are using....just take the time. You can typically get this information on county records...or call your county assessor and request the info that listed on the property card.

JC

 

[Mike Boyd]

Never saw a deed that did not include the legal description of the property.

I agree with Kenneth. "Lot 10 of Block 4 of Black Oak Subdivision 2."

So, the name of the project is Black Oak. Subdivision 2 gives you a close enough answer to phase number. A builder might build only 6 units at a time and will call each group phase 1, 2, 3, 4.....etc. We do not need to tell the client which of the builder's phases the subject is in. It is not part of the legal description nor is it relevant.

 

[toddmallard]

isn't that part of the 1073 form? Page 3, 6th line 'project name". Am I missing something here?

 

[Lawrence R.]

Sako,

I think the point is that the form you are filling out calls for it, and as such that means USPAP calls for it.


The "it wasn't on the building when I flew by in my silver sportscar" defense won't hold up against most people these days.

You must do the minimum amount required of you to comply with the laws of your profession.

You should try to exceed those minimums, but at today's fees, I don't blame anyone for only doing the minimum.