What must be requested before a bank application for a Condo/Co-op property?

When applying for financing for a Condo or Co-op property, it is essential to request the completed Condo/Co-op questionnaire. This document provides critical information about the property and the homeowners association (HOA) or co-op board. It typically includes details such as the financial health of the association, the rules and regulations governing the property, insurance coverage, and any pending litigation or special assessments.

Lenders use this information to assess the risk involved in providing a mortgage for the property. If the association is financially stable and meets certain guidelines, it can significantly influence the lender's decision regarding the loan application. Therefore, obtaining this questionnaire is a fundamental step in the process, as it helps both the borrower and the lender understand the property's overall viability.

The other options, while possibly relevant in different contexts, do not address the specific requirements set forth for securing a loan for a Condo or Co-op property. A valid credit report is necessary for evaluating the borrower's creditworthiness but is not specific to the property itself. A construction loan agreement pertains to new builds rather than existing condos or co-ops. Lastly, a seller's contribution form relates to the negotiations between the buyer and seller regarding closing costs but is not a prerequisite for the bank application.