Tag Archives: units

CONDOMINIUM INSURANCE – WHO COVERS WHAT?

Most condominium association’s “Declaration of the Condominium” (hereinafter referred to as declaration) follow the wording of Chapter 47C of the North Carolina Condominium Act with regard to the definitions of “common elements” and “units”.  The Declaration specifies what insurance is to be provided by the association and what insurance is to be provided by the unit owners.In the statute, 47C-2-102, Unit boundaries it says: “Except as provided by the declaration:

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FHA Certification – Mortgage Squeeze

Condominiums are feeling the pinch of the Federal Housing Administration’s new certification requirements as many find themselves ineligible for FHA approval.  That’s left owners and buyers without the option of cheaper FHA mortgages.

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