The closings department at Leland Management is responsible for aiding homeowners in facilitating the closings process whether they be buying or selling a property in one of our communities. This team of 4 representatives processes everything from deeds to questionnaires and estoppels, verifies tenant approvals, downloads homeowner payments daily, and ensures each new owner receives a personalized welcome letter. The closings department processes 950 deeds and 850 estoppels on average each month while simultaneously providing each owner with the superior level of customer service they deserve. The closings process can be confusing and one of the most common questions our closings department receives is in regards to the difference between an estoppel and a questionnaire. To answer this question we have included short descriptions of each below.
Estoppels and questionnaires are both documents that are processed by Leland Management and can be ordered via our website, www.communitydocsnow.com. Both documents may be requested when a closing is coming up, but they serve different purposes. An estoppel is a document typically ordered by a title company that is meant to protect both the buyer and the seller during a closing. The estoppel will disclose any outstanding liens, utility balances, violations, gate access charges, and any additional amounts that may be due to the association such as capital contributions or resale fees. The estoppel is usually paid for by the seller and applies to an individual property.
Questionnaires are documents that are usually ordered by a lender. Lenders require these documents to be completed in order to verify the financial status of the association. Questionnaires vary in length and can range from a few questions to several pages of questions depending on the lender. Typically, a questionnaire will at least ask whether the association has pending litigation, how many delinquencies there are in the association, and it will also confirm that an association is strictly residential property as opposed to commercial property. The cost of a questionnaire is usually incurred by whoever is requiring the loan and applies to the association as a whole as opposed to an individual property.
If you have any further questions concerning the difference between estoppels and questionnaires please contact our closings department at firstname.lastname@example.org for more information.