Do condos and townhouses require income documentation if purchased total cash?
I was told condos and townhouses do require additional income verification since there are maintenance fees that go along with the purchase.
Yes they do because they want to know your relieable and will pay the common charges.
The HOA may require income verification for the monthly common charge. But you may also need verification that you can pay the water bill, or the real estate taxes, or the flood insurance, or the annual summe barbeque.
I would read the HOA manual and and have the lawyer do the same.
As for coops, they want more money verification also.
Yes. Condominium Homeowners Associations will want to make sure that you are capable of paying the monthly maintenance so they will want to verify employment or other means of income. If you purchase a townhome all cash and there is no monthly maintenance fee than you probably will only have to show proof of funds for the transaction (to the seller) so they know you really have the cash. Any other questions, feel free to call me at 917-575-0583. I am a full-time Associate Broker at Appleseed Realty GMAC.
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