Resistance from condo boards to a new questionnaire that Fannie Mae and Freddie Mac are requiring condo sellers to fill out in the wake of the deadly collapse of a Florida high-rise tower last year is having a chilling effect on condo markets across the county, according to a report in the Washington Post.
Federal regulations enacted after the Champlain Towers South high-rise collapse in Surfside FL, which killed 98 people, requires condo boards, homeowners associations or property managers to answer a 12-question form about the structural integrity of the building and the financial reserves of parties involved in the transaction before any federally backed loans can be approved.
Properties that don't meet the disclosure requirements are added to a list of buildings ineligible for mortgage loans backed by Fannie Mae.
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