Thank you Bill for quick response.

To clarify, this is a clear property (no REO or short sell) and lender is bank of america. I am curious on the reason for asking warrenty letter issued by bank of america confirming condo eligibility? and the process around this

Every mortgage lender has some unique forms in addition to the standard ones. If you are dealing with an REO property there may well be 10 or 15 additional forms involved. These will be designed to limit the Banks legel liabilities and will often remove clauses in the purchase contract designed to protect the Buyer.
In all cases read them carefully and get any questions answered by YOUR Realtor or Loan Officer, preferably in writing.
If you don't understand it don't sign it. If you don't like it you will not be able to buy the subject property. Banks will not negotiate these issues.
REO and Short Sale deals will have non-standard reqirements of the Buyer and will often remove some of the normal buyer protections. Be careful.
Good luck, Bill