Before buying a condo in a large or phased construction project, verify the legal documents, developer’s remaining control, association finances, construction and occupancy status, inspection reports, insurance, and the project’s eligibility for your loan. A finished-looking unit can still be part of a project with unfinished amenities, future assessments, unresolved defects, or a phase that does not meet a lender’s requirements.
This guide is U.S.-oriented because the cited federal sources are U.S. sources. State and local law, the purchase contract, and the project’s actual records determine your rights and obligations. Treat Fannie Mae project-review criteria as lender benchmarks, not universal legal requirements or a guarantee of construction quality.
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Start with the documents, not the sales presentation
Ask for the project records before you commit, and have the same set reviewed by your own local real-estate attorney, inspector, insurer, and lender as appropriate. A brochure or sales-office summary cannot establish what the recorded documents require, what the association can charge, or what the developer is legally obligated to finish.
Document request checklist
| Records to request | What to establish |
|---|---|
| Recorded declaration or master deed, amendments, bylaws, articles, and rules | Ownership boundaries, voting and expense allocations, restrictions, association powers, and the process for changing governing terms. |
| Phase, annexation, master-association, shared-facility, easement, and utility documents | Which land and buildings are included, how phases connect, who maintains shared property, and what costs or access rights cross project boundaries. |
| Development plans, construction plans, offering materials, and current completion schedule | What is built, what is planned, what may change, and what is promised for later phases. |
| Association budgets, financial statements, reserve study, meeting minutes, assessment history, and delinquency information | Whether ordinary revenue and reserves appear aligned with maintenance needs, and whether there are known financial pressures or disputes. |
| Occupancy, permit, completion, inspection, and engineering records | Whether the relevant building or phase is approved for occupancy and what remains incomplete or needs corrective work. |
| Master-policy insurance documents and available claims information | What the association insures, what is excluded, and the deductibles or gaps that could affect owners. |
| Purchase agreement, warranty, and completion or delay security documents | What the seller must deliver, what remedies apply, and whether promised work or defect repairs have meaningful backing. |
Documents can use project-specific terms, and marketing phases do not necessarily match legal phases. Ask the developer or association to identify the exact legal phase containing the unit and provide the records for that phase as well as any master association or shared facilities. Fannie Mae’s project-review materials identify legal, master-association, marketing, and construction documents as potential review records; the actual set needed depends on the project and loan review.
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Understand the legal footprint, developer control, and your rights
Map what you are buying into
Use the recorded declaration and phase documents to identify the unit’s boundaries, common elements, limited common elements, parking or storage rights, and the land included in the condominium. Then map the larger development: present and future buildings, roads, utilities, shared facilities, amenities, easements, and maintenance responsibilities. Determine whether the project can expand, which party pays for shared infrastructure, and whether owners in one phase can be charged for facilities serving another.
For a project that may grow, focus on the developer’s right to add property, amend plans, alter shared areas, or annex later phases. Find the conditions and deadlines on those powers, and whether your association’s common expenses or voting structure can change as units are added. Fannie Mae’s new-project review considers the overall development plan, consistency of existing and future improvements, time limits for expansion, and reciprocal easements between phases. These are lender-review concerns; the recorded documents and local law determine the buyer’s rights.
Find out who makes decisions today
Ask whether the association is legally formed and operating, who appoints its directors and officers, how developer votes are counted, and exactly when and how control transfers to owners. Review the turnover provisions rather than relying on an estimated date from sales staff. Also ask whether the developer has a continuing role in budgets, maintenance, or decisions after initial turnover.
Review agreements with the developer and its affiliates, including management, maintenance, amenity, utility, and service contracts. Record the price, duration, renewal terms, termination rights, and whether the owner-controlled association can renegotiate or cancel. Some services initially supplied by the developer can become association expenses later; CFPB condominium disclosure questions specifically address developer control, fees, responsibilities, developer-provided services, and affiliate contracts.
Check use and resale restrictions
Read the rules for rentals, pets, renovations, parking, storage, guest access, transfers, and any right of first refusal. Confirm whether an assigned parking space or storage area is deeded, a limited common element, or merely licensed for use. Check how common expenses are divided among units and phases, especially if unit sizes or access to amenities differ.
Do not assume a restriction is enforceable simply because it appears in a document, or unenforceable because it seems unusual. Local law governs many such issues. Ask local counsel to interpret material provisions before the contract’s review or cancellation deadlines expire.
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Verify what is complete, approved, and promised
Confirm occupancy for the specific building and phase
Request the certificate of occupancy or local equivalent for the building or phase containing the unit, along with relevant permits, sign-offs, and completion records. A project-wide statement that construction is “substantially complete” does not answer whether this unit can lawfully be occupied. Ask which inspections or approvals remain outstanding and whether any conditions restrict use of the building or its amenities.
Fannie Mae’s Selling Guide dated August 5, 2026 describes full-review requirements for new or newly converted projects that include substantial-completion and occupancy documentation, phase or project conveyance conditions, immediate unit availability for occupancy, and review of the development plan. Its criteria are relevant to certain lender reviews, not a substitute for local occupancy approvals or a buyer’s contract rights.
Separate delivered amenities from future promises
Make a written inventory of promised facilities: for example, shared rooms, parking, landscaping, access roads, recreation areas, or other project amenities. For each, establish whether it is complete and open, who owns and maintains it, when remaining work is due, and which party is responsible for funding it. Match those answers to the plans, governing documents, and purchase agreement.
For a substantially complete phase that is not fully complete, Fannie Mae’s August 5, 2026 guide describes acceptable completion assurances for project facilities and assurances against construction or structural defects in the context of its lender review. Those assurances do not establish that a buyer personally has a warranty claim or remedy. Verify the instruments that actually apply to your purchase and jurisdiction.
Read the contract and warranty as enforceable terms
Request the complete warranty and any bond, escrow, letter of credit, or other security intended to back completion or repair obligations. Check who is responsible, what parts of the unit and common elements are covered, exclusions, claim deadlines, repair procedures, transferability, and what happens if the responsible company cannot perform.
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Have counsel review contract language on construction delays, completion dates, change orders, substitutions, deposits, cancellation rights, and remedies. Identify which specifications or plans are incorporated into the contract and whether the seller can make changes without your consent. A salesperson’s assurance that an amenity or finish will be delivered is not a substitute for a written obligation with a clear responsible party and remedy.
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Test the association’s finances and future assessment exposure
Look beyond the monthly dues
Obtain the current and proposed operating budgets, recent financial statements, reserve balance, latest reserve study and updates, meeting minutes, assessment history, delinquency information, planned work, known special assessments, and details of association litigation or claims. Ask whether the developer is paying expenses or subsidizing dues temporarily, whether unsold or developer-owned units are current on assessments, and when any temporary support ends.
A low monthly fee is not proof that ownership will remain inexpensive. Costs can rise when a developer subsidy ends, maintenance is deferred, insurance deductibles fall to the association, or major components need repair. Compare the budget to the actual condition of the project and the work described in engineering or inspection records.
Evaluate the reserve study against the budget
A useful reserve study identifies major common components, their condition and useful life, estimated repair or replacement costs, annual funding needs, existing reserves, and a recommended funding plan. Compare its assumptions with the current reserve balance and the association’s actual budget contributions. Ask whether the study covers the buildings and shared facilities in your phase, when it was last updated, and what assumptions may no longer fit the project.
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Ask how a shortfall would be paid
Review whether projected income can cover operations, maintenance, repairs, and reserve contributions. If it cannot, determine whether the association expects to raise regular dues, defer work, borrow, or levy special assessments, and whether governing documents limit or structure those options. CFPB disclosure questions focus on whether association income can meet these obligations and how a shortfall will be made up.
Ask the lender how any known assessment affects this transaction. CFPB mortgage-regulation commentary treats recurring association special assessments as mortgage-related obligations in applicable ability-to-repay calculations and distinguishes certain one-time or fully satisfied charges. That treatment is not a forecast of future assessments and does not decide who pays a particular charge; the contract, association records, and lender’s calculation matter.
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Inspect the unit and the shared building separately
Arrange an independent unit inspection
If your contract and local process allow it, hire an independent home inspector and clarify the inspection window and access rights before deadlines pass. The CFPB says, in its U.S. consumer guidance, that buyers typically have the right to hire an inspector to examine a property’s strengths and weaknesses, including structural and mechanical systems such as HVAC and electrical. An inspector’s findings can help you understand the unit’s condition, but an inspection is a snapshot, not a warranty.
Ask what is accessible, what is unfinished, and what lies outside the inspector’s scope. New finishes do not establish that concealed systems or building interfaces are defect-free. If the unit is unfinished or inaccessible areas could not be evaluated, ask whether a follow-up inspection can be arranged before final acceptance or after the work is complete.
Request reports on common elements
A unit inspection does not evaluate every shared system. Separately request available architect, engineer, façade, roof, garage, elevator, fire- and life-safety, and completion reports when relevant. Check whether reports identify defects, recommended work, restricted access, open punch-list items, or items awaiting reinspection. Ask who is responsible for fixing each item, what schedule applies, and whether the work is funded.
For a multi-building development, find out whether reports cover the specific building and phase rather than a sample or an earlier phase. Confirm whether the association has accepted the work and whether inspection findings are reflected in reserve assumptions, budgets, or claims. Local rules and the purchase agreement determine what access or records a buyer can require, so make those requests early.
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Read the master policy
Request the association’s master-policy declarations and relevant coverage details: limits, covered property, exclusions, deductibles, and claims information available to buyers. Determine whether the policy covers only common areas or includes parts of the individual unit. The CFPB notes that condominium association fees usually include master insurance for common areas, but owners still need insurance for their individual units.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsAsk how damage involving the unit and a shared building component would be handled, and whether governing documents allow some or all of a master-policy deductible to be charged to an owner. The answer can depend on the cause of loss, the policy, the declaration, and local law; do not assume the association or your own policy will automatically cover every amount.
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Get an owner-policy quote and build a realistic budget
Ask an insurer to quote coverage appropriate to the unit and to explain how it coordinates with the master policy. Discuss interior finishes and improvements, personal property, liability, loss-assessment coverage, and relevant exclusions. Property characteristics and local disaster risk can affect insurance cost, so a quote for another building or location may not be a useful estimate.
Calculate the monthly and annual cost using more than principal and interest. Include property taxes, association and master-association dues, unit-owner insurance, utilities, parking and storage charges, known assessments, and likely changes when the project’s operations shift from developer to owners. Keep one-time charges separate from recurring costs and establish who is responsible for charges assessed before or after closing under the contract.
Get a project-specific financing answer early
Ask your lender whether it has reviewed the named project and the exact phase, which review method applies, what documents remain missing, whether unresolved project conditions exist, and whether the lender’s loan program can finance this unit. Do this before relying on a general statement from the sales office that buyers are getting loans.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Fannie Mae project review can depend on unit and project type, whether a project is new or established, completion status, phase, and transaction details. Possible review materials include budgets, reserve studies, construction plans, engineering reports, insurance documents, and legal records. The applicable requirements can change, so have the lender confirm the current criteria for your loan and transaction rather than applying a threshold from a different program or date.
A project-level financing problem can affect both the purchase and resale: if fewer loan programs will finance units in the building, some future buyers may be unable to proceed. Lender eligibility is not a construction-quality inspection or a replacement for your own document review. Cash buyers should still understand the project’s records and future buyer pool even though their own purchase may not depend on a mortgage project review.
Compare projects using the same evidence
If you are choosing between units or developments, compare them with the same document set and a clear date cutoff. Do not compare one project’s current records with another’s older sales materials.
| Comparison area | Evidence to line up |
|---|---|
| Legal phases and developer control | Recorded phase documents, expansion rights, turnover terms, voting structure, and affiliate contracts. |
| Completion and amenities | Occupancy approvals, delivered buildings and facilities, outstanding work, responsible party, schedule, and completion assurance. |
| Association finances | Budgets, reserves, study assumptions, dues, arrears, planned work, developer subsidy, and assessment history. |
| Physical condition | Independent unit inspection and available building-wide engineering, architect, safety, and completion reports. |
| Insurance and owner costs | Master-policy scope and deductibles, owner-policy quotes, dues, taxes, utilities, assessments, and other fees. |
| Financing and contract protection | Lender’s project-specific response, missing records or conditions, warranty terms, delay remedies, and security instruments. |
Use unresolved answers as decision gates
Before waiving a contractual review period or making a final commitment, make sure you can answer the high-impact questions in writing. If records are missing, identify whether the association, developer, or local authority holds them and whether your contract gives you time to obtain them. A missing document is not proof of a defect, but it can prevent you from establishing the project’s status or your remedies.
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- Pause for financial review if the reserve study is absent or stale, the budget does not fund planned work, assessments are disputed, or developer-paid costs are ending without a transition plan.
- Pause for construction verification if occupancy approval for the relevant phase is not confirmed, shared facilities remain incomplete without an identified funder, or serious findings lack a repair plan.
- Pause for insurance clarification if policy limits, exclusions, or deductible allocation are unclear or an owner-policy quote is unavailable.
- Pause for lender confirmation if the lender has not reviewed the actual phase or has unresolved conditions that could affect closing.
The right next step depends on the contract and jurisdiction: it may be to request records, negotiate a written condition or remedy, obtain professional review, or decide not to proceed. Disclosure deadlines, cancellation rights, warranty periods, inspection access, and association turnover rules vary by location; the project documents and local professionals determine how those protections apply to your purchase.
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