In the wake of the Champlain Towers South collapse in Surfside, Florida last year, the two federally chartered agencies that back most residential mortgages in the country, Freddie Mac and Fannie Mae, have instituted new rules requiring lenders to verify the condition of condominium buildings before approving loans.
The stated goal: Encouraging condo association boards to carry out regular inspections and maintenance, correct structural and mechanical deficiencies, and set aside enough money to pay for the work.
Here are highlights of what condo owners, prospective buyers and sellers and condo associations need to know:
