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Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16721
Experience:  Experienced Licensed Attorney / Real Estate Law Mentor
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Is there a minimum amount of money and insurance that a condo

Customer Question

is there a minimum amount of money and insurance that a condo HOA has to have? I recently sold my condo, but the buyer was turned down by her bank, even through she had 20% down because the condo board did not have enough cash in reserves to satisfy the bank and the right amount of insurance. The condo board has refused to increase the insurance policy so I can not sell my condo to her. what are our options?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Alex Esquire replied 2 years ago.
Hello. My name is***** will be happy to answer your question.I am sorry to hear about this unfortunate situation.Each bank / mortgage lender sets their own criteria when it comes to the requirements to finance a condo unit purchase and each Condo Association has its own criteria when it comes to the amount of reserves and the insurance liability limits, so if the potential buyer is denied mortgage by one mortgage lender, the buyer can apply with another mortgage lender which might have lower criteria or the condo unit owner might have to look for another buyer who can get financing approved or purchase the unit with cash. I wish you the best of luck!
Expert:  Alex Esquire replied 2 years ago.
Please let me know if you have any related follow up questions?If not, please positively rate and accept my answer, so I can be compensated for my work.Thank you.