Condo Questionnaires: What Brookline Buyers Should Know

You find a Brookline condo you love, your offer gets accepted, then your lender asks for a “condo questionnaire.” If you have never heard of it, you are not alone. This form can make or break your financing timeline, and it often surprises first-time condo buyers. In this guide, you will learn what the questionnaire is, why lenders care, what to expect in Brookline, and how to keep your closing on track. Let’s dive in.

Condo questionnaire basics

A condo questionnaire is a form your lender sends to the condominium association or its management company. It asks project-level questions about finances, insurance, ownership mix, governance, litigation, and the building’s condition. Lenders use the responses to confirm that the condo project meets their program rules and that your unit is an acceptable risk.

In Brookline and greater Boston, the respondent is usually the property manager, a board officer, or the association’s attorney. The lender or your agent requests it, the association completes it, and it flows back to underwriting along with supporting documents. Associations sometimes charge an administrative fee to complete the form.

What lenders review and why

Lenders look beyond you as a borrower. They also evaluate the building’s financial health and risk profile. Here are the items that matter most and what they mean for your loan.

Reserves and operating budget

Lenders review the current budget, reserve fund balance, and any reserve studies or capital plans. Adequate reserves lower the chance of special assessments and deferred maintenance. If reserves look thin or major projects are coming without a funding plan, the lender may ask more questions.

Insurance coverage and deductibles

Underwriters check the master insurance policy, required endorsements, and deductible amounts. Strong coverage protects the building and your lender’s collateral. Very large deductibles can raise concerns because they can lead to owner assessments after a claim.

Owner-occupancy and investor mix

The questionnaire reports the percentage of owner-occupied units and any rental limits. Higher owner-occupancy is seen as more stable for values and cash flow. Exact program thresholds vary by lender and loan type, so plan to confirm requirements early.

Delinquent condo fees

Associations disclose the amount and percentage of unpaid assessments. High delinquency can strain the operating budget and signal financial stress. Lenders may limit loans when delinquencies exceed program guidelines.

Litigation and special assessments

The form asks about pending or threatened litigation, construction defect claims, and current or planned special assessments. Significant exposure can impact values and monthly costs. Lenders will assess the scope and potential impact before approving your loan.

Commercial space and single-entity ownership

Lenders look at the percentage of commercial space and whether any one owner holds several units. A heavy commercial component or dominant single owner can change the project’s risk profile. This often prompts deeper review.

Governing documents and project type

Underwriters may request the declaration, bylaws, budget, and meeting minutes. Provisions about rentals, reserves, and assessment rules matter to eligibility. For condominium conversions or older buildings, lenders pay close attention to capital planning.

Typical questions and documents

Most questionnaires request the following, and you can ask for many of these items right after your offer is accepted:

• Association and management company contacts
• Number of units and any common facilities
• Current budget and year-to-date financials
• Reserve fund balance, and any reserve study if available
• Master insurance declarations and deductible amounts
• Fidelity or employee dishonesty coverage, if applicable
• Owner-occupied versus rented unit count; any single-entity ownership
• Delinquent assessments amount and percentage
• Current or anticipated special assessments
• Pending or threatened litigation or warranty claims
• Presence and percentage of commercial space
• Rental restrictions or caps in governing documents
• Any units in foreclosure
• Declaration, bylaws, house rules, and recent board meeting minutes
• Any known environmental hazards or common-element damage

Timelines and fees in Brookline

In professionally managed Brookline associations, a basic questionnaire often takes a few business days to 2 weeks. In smaller, owner-managed buildings with volunteer boards, expect 1 to 4 weeks depending on availability. Complex reviews for certain loan programs can add several weeks.

Associations commonly charge a completion fee, often in the range many buyers see for administrative work. Some lenders also charge a separate project review fee. Confirm who pays in your purchase contract and build the timing into your financing contingency.

Common bottlenecks include slow association responses, missing financial records, and litigation disclosures that require legal review. Low reserves or high delinquencies can trigger additional underwriting steps that extend timelines.

Loan type differences

Conventional loans

Many lenders follow Fannie Mae and Freddie Mac guidance for warrantable condos. Key concerns are adequate reserves, manageable delinquencies, and no adverse litigation. Lenders can layer their own overlays, so requirements differ by institution.

FHA loans

FHA has more prescriptive project-level rules and often requires project approval. Some smaller or non-approved projects may fit limited or spot review procedures depending on current guidance. Approvals and reviews can take longer than conventional.

VA loans

VA requires projects to meet VA standards or be VA approved. The focus is similar to FHA on insurance, litigation, and owner-occupancy. Timelines depend on project status and documentation.

Portfolio and local bank loans

Local banks and credit unions may use portfolio underwriting with more flexibility. They sometimes accept higher investor concentrations or leaner reserves. Pricing and down payment requirements may adjust to the project’s risk profile.

Local process and roles

In the Brookline and Boston area, your lender orders the condo questionnaire and sends it to the association or manager. The association completes it and returns it with supporting documents. Your agent and attorney often help chase documents and interpret findings.

Best practice is to get manager contact details and core documents at the offer stage. Request the budget, master insurance declarations, reserve statements, and recent minutes as soon as you are under agreement. If the lender flags issues such as litigation or low reserves, loop in your Massachusetts real estate attorney quickly for guidance.

Action plan for buyers

Follow this checklist to stay ahead of underwriting:

• Ask for association and management contacts right after offer acceptance.
• Request the latest budget, reserve balance statements, insurance declarations, and recent minutes.
• Confirm any association fee to complete the questionnaire and who pays.
• Ask your lender what program-specific condo criteria apply to your loan type.
• Build extra time into your financing timeline for owner-managed or older buildings common in Brookline and Norfolk County.
• If litigation, special assessments, or restrictive provisions surface, consult a Massachusetts attorney familiar with Chapter 183A.
• Budget for potential assessments and higher insurance costs, especially in older or converted buildings.

Red flags to watch

These issues can delay or block a loan approval:

• Very low reserves combined with upcoming capital projects
• High levels of unpaid assessments
• Significant pending litigation or construction defect claims
• Inadequate master insurance or very high deductibles
• High commercial space or one owner controlling several units
• Governing document provisions that conflict with investor requirements

Keep your closing on track

The fastest path to a smooth closing is early preparation. Get the right documents soon after offer acceptance, confirm the association’s timeline and fees, and keep your lender informed. If concerns arise, there is often a solution, from a different loan program to negotiated credits or timeline adjustments.

Have questions about a specific building or how to sequence your documents for the cleanest underwriting? Connect with the Miller & Co. Team to plan a clear path from accepted offer to keys in hand.

FAQs

What is a condo questionnaire and who fills it out?

• It is a lender form completed by the condo association or its manager that details the building’s finances, insurance, ownership mix, and legal status.

How long do Brookline associations usually take to respond?

• Professionally managed buildings often respond within a few days to 2 weeks, while volunteer-run associations can take 1 to 4 weeks or longer.

What fees should I expect for the questionnaire in Brookline?

• Many associations charge an administrative fee to complete the form, and some lenders add a project review fee, so confirm amounts and who pays.

Can I still get a loan if the condo has low reserves?

• It depends on your loan type and lender; low reserves may require more documentation, a larger down payment, different pricing, or an alternative loan product.

What should I request from the association right after my offer is accepted?

• Ask for the current budget, reserve balance statements, master insurance declarations, recent board minutes, and the manager’s contact information.