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Condo Issues: How do lenders become aware?

February 19, 2016 | Posted by Nathan Zacharias | Tagged in

How do lenders become aware of an issue?

Lenders are very resourceful and they can sniff out a problem quite easily. How? There are various sources of information which may include documentation, but it may also be obtained through their relationships within the industry. Here are a few examples:

Question Sign


  • MLS® feature sheets may state something the comments such as: “Post- Tension Cables have recently been inspected and given the okay.” Or “Special assessment of $5,000 has been paid and no additional assessments planed.” Clearly there was a shortfall in the operating account, major repairs, or emergency funding required. Is the problem cured? They will want to find out.


  • Land Titles office can uncover builders liens, pending law suits, claims against the condo/strata common property, Alberta Health Services notices, and even property management company information or lack thereof.


  • Offer to Purchase is a really good source of information for the lender. Any concerns the buyer has usually present themselves as a term or condition in the purchase contract.


  • Mortgage Default Insurers can play a big role in spooking lenders. Should a mortgage need mortgage default insurance a lender must send the deal to the insurer for approval. Should the insurance be declined with or without a reason you may now have the lender on guard. Quite frequently if the insurer is not comfortable with the property, the lender will simply pass on the deal.


  • Lenders Data Base is a great source of information for their underwriters. If they have encountered problems in the past for a certain building, they usually make note and don’t easily forget.



Author: Nathan Zacharias B. Comm

Broker – Exzact Mortgage Corp.


Copyright 2015 Exzact Mortgage Corp.