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Understanding Fannie Mae and Freddie Mac Forms for Condo Associations
Fannie Mae and Freddie Mac play an important role in the real estate market. These government-sponsored enterprises (GSEs) purchase mortgages from lenders and help maintain stability in the mortgage markets. To ensure that a loan can eventually be purchased by Fannie Mae or Freddie Mac, lenders will need to make sure mortgages conform to certain requirements. In situations where potential buyers are considering purchasing a condominium, a condo association will be required to provide certain types of information to ensure that it meets the requirements of Fannie Mae and/or Freddie Mac. By understanding the types of forms that will need to be filled out, condominium associations can make sure they are taking the correct steps to protect the interests of their members.
Appraisal Forms and Condominium Project Questionnaires
In many cases, mortgage transactions will require appraisals. This will ensure that the full value of the property being purchased is understood. In most cases, an interior and exterior appraisal will be required, and either Fannie Mae Form 1073 or Freddie Mac Form 465 will need to be filled out to prove a report of the appraisal of an individual condominium unit. If an exterior-only appraisal will be sufficient, Fannie Mae Form 1075 or Freddie Mac Form 466 may be filled out. For appraisals of detached condominium units, Fannie Mae Form 1004 may be used. Freddie Mac Form 70 may be used for interior and exterior appraisals of detached units, or Form 2055 may be used for exterior-only appraisals. For manufactured homes located in condominium projects, Fannie Mae Form 1004C may be used. Freddie Mac Form 70B may also be used for manufactured homes, and Form 465 will also need to be attached as an addendum.
How Will Chicago’s Decarbonization Strategy Affect Condominiums?
In the 21st century, global climate change is an increasingly important issue that concerns individuals, businesses, and governments. To help address this issue and limit activities that could accelerate climate change, governments at the national, state, and local levels are taking steps to implement new policies that are meant to reduce carbon emissions and improve energy efficiency. The City of Chicago has begun to put a variety of measures in place that will help reduce emissions and achieve carbon neutrality in the future. Because Chicago’s decarbonization strategy will affect multiple buildings and properties throughout the city, condominium associations will need to understand the impact of these policies and the steps they can take to maintain compliance with regulations.
Preparing for Decarbonization and Electrification
Decarbonization may include multiple types of efforts meant to reduce greenhouse gas emissions. Many of these concerns will be related to the construction of new buildings, and they may address manufacturing building materials, transporting materials to building sites, and equipment used during construction. During a building’s life cycle, decarbonization may be related to the operation of a building, including the use of heating, cooling, and ventilation systems, as well as the materials and equipment used when performing repairs and maintenance.
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