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…

What is 6D Form

 

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?

Photo from @prostooleh of Freepik

 

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.

What-makes-a-property-desirable

What makes a property desirable?

Posted in ,

  When our clients are looking at a property, they always ask, “What are the things that make this property desirable?”. In this article, we are going to share some of the things that we think make a property desirable.   #1 Convenience       When tenants are picking a property, they consider how far…

5 Factors to Assess When Investing in a Rental Property

Posted in , ,

Becoming a landlord and achieving financial stability is a goal many are dreaming about. A great property investment may open up the opportunity for you to reach your financial goals. If you are considering investing in a rental property, you have to make your own research first and not just buy an investment rental property…

Green Ocean’s Property Protection Program

Posted in ,

  With so much uncertainty going on in the world today, we are trying to offer our clients and our landlords a little bit more protection. We’ve designed a Property Protection Program (PPP) that allows us to keep you updated with the maintenance cost over the course of a month or a year. With PPP,…

Eliminate bad tenants, late rents and headaches today

Find out how we help improve the lives and properties of hundreds of landlords.

Equal Housing

Stay updated with market trends and changes

Expert knowledge and advice to help make your life as a property owner easier.

  • This field is for validation purposes and should be left unchanged.