(a) Additional requirements. The requirements of this subpart shall be applicable to mortgages on individual dwelling units in a condominium, except as modified by this section.

Terms Used In 24 CFR 206.131

  • Commissioner: means the Federal Housing Commissioner or the Commissioner's authorized representative. See 24 CFR 206.3
  • Mortgage: means a first lien on real estate under the laws of the jurisdiction where the real estate is located. See 24 CFR 206.3
  • Mortgagee: means original lender under a mortgage and its successors and assigns, as are approved by the Commissioner. See 24 CFR 206.3

(b) References. The term property as used in this subpart shall be construed to include the individual dwelling unit and the undivided interest in the common areas and facilities as may be designated.

(c) Assignment of the mortgage. If the mortgagee assigns the mortgage on the individual dwelling unit to the Commissioner, the mortgagee shall certify:

(1) To any changes in the plan of apartment ownership including the administration of the property;

(2) That as of the date the assignment is filed for record, the family unit is assessed and subject to assessment for taxes pertaining only to that unit; and

(3) To the condition of the property as of the date the assignment is filed for record. Section 234.275 of this chapter concerning the certification of condition is incorporated by reference.

(d) Condition of the multifamily structure. The provisions of §234.270 (a) and (b) of this chapter concerning the condition of the multifamily structure in which the property is located shall be applicable to mortgages insured under this part which are assigned to the Commissioner.