Posted on: 27th Dec, 2006 04:01 pm
Hi, can anyone provide the format of the condominium rider form,thanks
Hi Tgc,
Welcome to Mortgagefit forum.
You can use the format for the condominium rider form provided on this page: http://www.rurdev.usda.gov/regs/forms/3550-10.pdf
Colin
Welcome to Mortgagefit forum.
You can use the format for the condominium rider form provided on this page: http://www.rurdev.usda.gov/regs/forms/3550-10.pdf
Colin
I was going through this forum and just came about this page, never heard about condominium rider, what it is? Can someone provide the details, thanks in advance.
Hi Yglesias,
Welcome to Mortgagefit discussion board.
For condominium units one of the closing documents for a loan is the condominium rider.
It is used in situations the owner's association may hold property title. To accommodate any special requirements it is sometimes necessary to amend and supplement the security instruments. In such situations condominium rider is used. Let me give you an example, in case the owner's association is going to make payments for hazard insurance instead of the borrower then a condominium rider will be used.
Do let me know if you have any other doubts.
Thanks
Blue
Welcome to Mortgagefit discussion board.
For condominium units one of the closing documents for a loan is the condominium rider.
It is used in situations the owner's association may hold property title. To accommodate any special requirements it is sometimes necessary to amend and supplement the security instruments. In such situations condominium rider is used. Let me give you an example, in case the owner's association is going to make payments for hazard insurance instead of the borrower then a condominium rider will be used.
Do let me know if you have any other doubts.
Thanks
Blue