How Important is 6D Forms in Real Estate?
Reading Time: 2 minutes One of the obligations that we have in managing condo associations is to make sure that the documentation process is done smoothly. Any type of paperwork that’s necessary for the transaction of either purchased or refinanced, we have to handle its 6D forms. What is 6D? 6D is a form and it’s from…
One of the obligations that we have in managing condo associations is to make sure that the documentation process is done smoothly. Any type of paperwork that’s necessary for the transaction of either purchased or refinanced, we have to handle its 6D forms.
What is 6D?
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6D is a form and it’s from Chapter 183 of 6D. A 6D form states that we, either the association board or the management company, have to check the ledger of the unit owner to see if they owe any condo fees. This is important as the banks do not want to either sell the property or refinance the property to someone with an accrued amount or owed amount on their ledger.
Imagine that you are purchasing a property, you want to buy a property that is clean and clear, so you’re going to make sure that the taxes were paid off which might take multiple certificates to confirm that there’s no liens against the property. What you can do is check the taxes to make sure that they don’t owe back any condo fees. That is what 6D form is for.
If we do an impeccable 6D, it means that they don’t owe anything. Usually, a 6D will go through a certain time frame. For example, if it’s August right now and they’re closing in the beginning or middle of August, you need to go through until the end. As a property management company, we help them with 6D forms because the banks need to be able to obtain the need to refinance or sell or purchase property in a condominium.
If you or anyone else you know is looking for a property management company that would be able to help guide you and educate you on the different processes and documentation that’s necessary to manage your condo association properly, please think of Green Ocean Property Management, where you get more than property manager, you get peace of mind.
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