I'm trying to refinance my condex in Derry, and can't because of no recorded condo docs. What do I do?

Asked by Molly, Derry, NH Wed Dec 7, 2011

I have a condex with no condo association, no condo docs, therefore, no Master Insurance policy, etc. We can't find a bank to refi without the Master Policy in place, but can't get a Master Policy without condo docs. They don't exist. Do I have to have them drawn up by a real estate attorney? What about retribution for being sold a property that didn't have the correct documentation in the first place. Now I will never be able to sell it?

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Dana Curtis’ answer
Dana Curtis, , Manchester, NH
Fri Dec 16, 2011
Scott is correct. There had to have been condo docs recorded for the property. A title company will be able to help with that. In regards to the Master policy, there are some other things that will need to be done in order to obtain financing on a condex. Basically what has to happen now, is someone (either you or the person on the other side) must create your own personal 'condo association' and someone must be the person that runs the association. Then one person will have to be responsible to cover the yearly cost of the Master insurance policy. There are not many insurance companies that will write this type of policy, but I do know from my experience of financing condex's that Infantine Insurance in Manchester will be able to help.
1 vote
Scott Godzyk, Agent, Manchester, NH
Sat Dec 10, 2011
Molly if you have a condex, they had to record condo docs to be approved by the state to become a condo. You should search teh rigistry of deeds. If there are truely no condo docs on record, you will need to see an attorney to fix teh problem. you will need to get a master insurance policy on the house. if you do not have one now, you could be uninsured of there is a fire. Lastly if you got a mortgage, they would have had to check and approve those condo docs, check with your loan officer or closing company from when you bought it.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Robert Van L…, Agent, Derry, NH
Wed Dec 7, 2011
The state requires and has to ok condo docs to make a property a condo.
If you got a loan to purchase your condo than someone must have found the doc's OR your bank made a major error. What is the nieghborhoor you live in, and when did you buy the unit?
I have been a Derry reisdent for 60 years and know a lot about the area..
You can call me at 603-505-0518 I think I may be able to help you.
Thank You,
BobbyVan Realty
0 votes
Kurt Krohn, Agent, Derry, NH
Wed Dec 7, 2011
That question might be better answered by a real estate attorney but I can do some free research for you if you like. Feel free to give me a call at 603-702-0763.
Remark Realty
Web Reference:  http://www.remarkrealty.com
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