Condo Sellers Balk at Federal Disclosure Rule for Structural Flaws

Resistance from condo boards to a new questionnaire that Fannie Mae and Freddie Mac are requiring condo sellers to fill out in the wake of the deadly collapse of a Florida high-rise tower last year is having a chilling effect on condo markets across the county, according to a report in the Washington Post.

Federal regulations enacted after the Champlain Towers South high-rise collapse in Surfside FL, which killed 98 people, requires condo boards, homeowners associations or property managers to answer a 12-question form about the structural integrity of the building and the financial reserves of parties involved in the transaction before any federally backed loans can be approved.