Real Estate Law
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"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.
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.
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