Yes, full disclosure is required in condo associations (which are sort of like co-ops in NY).
However, you can black out account numbers for privacy reasons, or provide an alternative form of verification like a letter from your accountant/bank reference etc.
Your agent can work with you and your condo association to see how you can satisfy the condo requirements without feeling too exposed financially.
Hope this helps,
Beachfront Realty, Inc.
I think HW is definitely in order here. Not all in fact most will not ask for full disclosure of your financial situation. In fact not all condo's have the right of refusal. I am president, myself, of a condo in Miami and we do a background check and credit check but in reality it's a fine line of what we can and can't do with that information.
You should be cautious in giving out all that info. Feel free to contact me and I can assist with this process.
Keller Williams Realty
Now while I don't necessarily agree with the extremes some condo associations take to approve a new resident. Ideally, you want to buy into a stable, well-run building. Buyers have little chances of getting a mortgage to buy a unit in a building with a high percentage of owners that are delinquent on dues. Fannie Mae, Freddie Mac and the Federal Housing Administration, which buy or insure most mortgages, do not approve condos with delinquency rates higher than 15 percent. Units in buildings that don't meet that requirement are not eligible for financing backed by the three agencies, making it extremely challenging for a buyer to obtain a mortgage to buy the unit or an owner to refinance a unit in those buildings.
Required documentation varies from building depending on the condo association bylaws. All are not alike. Associations approach or reasoning behind asking is purchasing a condo is signing a business agreement with all others who own in the project. And as with any other business venture, its about financial stability.
I recommend looking at several building that meet your objectives and before making an offer perform your due diligence as well. Learn how the place is managed and inquire about its financial stability.