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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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We are an HOA and have a situation where there is

Customer Question

Hi Pearl,
We are an HOA and have a situation where there is complicated ownership on the condo's in this 7 unit complex. The Board was wondering if it is worthy of getting legal advise on whether our condo complex can be considered warrantable or not. Is it worth involving a Real Estate Lawyer? If so, are there any legal groups who specialize in providing the classification of our condo in Southern California?
Thanks Lisa ******
JA: Because real estate law varies from place to place, can you tell me what state the association is in?
Customer: California
JA: Has any paperwork been filed?
Customer: I am not sure I understand the question. Our condo has bylaws and ccrs registered with the state
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Ely replied 1 month ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

"The Board was wondering if it is worthy of getting legal advise on whether our condo complex can be considered warrantable or not." I am not sure what you mean by this. Can you please clarify, or perhaps re-phrase?

This is not an answer, but an information request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.

Customer: replied 1 month ago.
I need to know whether our condo can be considered warrantable. It is a seven unit condo and there is one person who owns two of them under a trust. He can split the ownership up if necessary and we wanted to know exactly what he needed to do to accomplish this and if it was even necessary.
Expert:  Ely replied 1 month ago.
Ah, okay. Just to be sure, we are talking about Freddie Mac or Fannie Mae warrantable. Correct?
Customer: replied 1 month ago.
Customer: replied 1 month ago.
we are talking about conventional financing warrantable or non warrantable
Customer: replied 1 month ago.
right now we have 7 units in the complex. One of the owners has 2 of the 7 in a trust. The question is does that mean it is non-warrantable condo and if so could he transfer the property in a way that would make the property warrantable?
Customer: replied 1 month ago.
Please call me to discuss. Thanks
Expert:  Ely replied 1 month ago.

Thank you.

It is up to the COA to decide whether or not to retain counsel to advise on this. And, this is recommended. But understand that whether or not the condo is warrantable or not is not something that is decided by the COA - it is decided based against a number of requirements by Freddie/Fannie Mac. For example, see HERE and HERE.

As you can see, the requirements are very nuanced. So the COA may very well need an experienced real estate attorney to decide based on these nuances whether or not the property as a whole would be seen as warrantable or not.

Thank you for your call request. The site allows the expert to opt out of the call request, and I must respectfully ***** ***** not worry - other experts receive the request as well, and the first available expert calls. They will also have your question and my replies to build upon, so nothing will be lost.

Customer: replied 1 month ago.
What is the COA?
Expert:  Ely replied 1 month ago.
Apologies.
HOA - Homeowners' Association
COA - Condominium Owner's Association
For the purposes of my reply, they are synonymous.

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