Roles

The Attorney works with the lender and developer to prepare the legal documents for the condominium project. The attorney needs to be familiar with FNMA, VA, and FHA regulations. He will prepare the public offering statement, and the opinion letters to FNMA, VA, and FHA. He will also work with the title company and county on recording of the legal documents he has prepared.

The Construction Lender works with the developer during the loan process, although on occasion you will see a project developed with private funds. The construction lender will determine how they are paid off. Sometimes it will be x number of units, or unit by unit. The construction lender can dictate who the take-out lender is

(who will finance the purchasers of the units), and often the construction lender also does the take-out loans. The loan officer should be familiar with the construction lender and how they will be handling the payoffs on a given project.

The Listing Agent works with the developer on the marketing of the project. The listing agent should be familiar with marketing condominium projects, and should be able to generate a tracking report of sales in the project. This will help the developer and the take-out lender determine the presale of the project.