Overview
When you add a condominium to Deal Details, the system recognizes the property type and tailors the experience accordingly. You'll see HO-6 interior insurance quotes instead of standard homeowner policies, and fee labels change to reflect condo-specific terminology like "Capital Contribution" rather than "Initiation Fee." Understanding these differences helps you present accurate costs to your borrowers and avoid confusion during the loan process.
Before You Start
Requirement | Details |
Property address | Full street address of the condominium |
Unit number | Required for accurate property lookup |
HOA dues amount | Monthly amount from the listing (if available) |
Capital contribution | One-time fee required by the HOA at closing (if applicable) |
Step-by-Step: Adding a Condominium Property
1. Navigate to Properties
From your loan scenario, go to the Properties section
Select New Property Card and choose Existing Listed
2. Enter the Property Address
Type the street address in the search field
Enter the unit number in the designated unit field
⚠️ Important: Always include the unit number when searching for condos. This significantly improves search accuracy and ensures you find the correct unit within the building.
3. Verify the Property Match
Review the property details and photo to confirm you have the correct unit
The system will pull in available listing data automatically
4. Confirm or Adjust the Property Type
Check that the property type shows as Condo
If the listing shows incorrectly (sometimes agents list condos as townhomes), click the Edit button under Property Type
Property Type Option | When to Use |
Condo | Legally recorded condominiums with shared common areas and HOA |
Townhouse | Attached homes where owner typically owns the land beneath |
Single Family | Detached homes with no shared walls |
💡 Tip: Some properties are legally recorded as condos but visually appear as townhomes from the street. Always verify the legal property type from the listing documents or county records.
Condo-Specific Features in Deal Details
Insurance Quotes
When you request insurance quotes for a condo, Deal Details automatically provides HO-6 policies (condo interior insurance) instead of standard homeowner policies. These cover:
Interior walls, floors, and ceilings
Personal property and belongings
Liability within your unit
Insurance Provider | Policy Type |
USAA | HO-6 Condo Interior |
Chubb | HO-6 Condo Interior |
Cincinnati Casualty | HO-6 Condo Interior |
HOA and Fee Terminology
Deal Details uses condo-specific terminology for fees:
Standard Term | Condo Term in Deal Details |
Initiation Fee | Capital Contribution |
HOA Dues | HOA Dues (unchanged) |
Setting Up HOA Dues and Prepaid Months
1. Enter the Monthly HOA Dues
The system may pull the monthly dues amount from the listing automatically
Verify or manually enter the correct monthly amount
2. Configure Months Collected at Closing
Many condo associations require additional months prepaid at closing
Enter the number of months to collect (commonly 2 months)
Months Collected | Purpose |
1 month | Minimum coverage for dues processing time |
2 months | Standard buffer to prevent arrears during paperwork processing |
3+ months | Some associations require larger reserves |
⚠️ Important: Prepaying HOA months at closing prevents the buyer from falling into arrears while ownership transfer paperwork is processed. Always confirm the association's requirements with the listing agent or HOA directly.
Quick Reference
Properties → New Property Card → Enter Address + Unit Number → Verify Property Type → Set HOA Dues → Configure Prepaid Months → Done
Tips for Success
Always enter the unit number when searching for condos to ensure accurate property matching
Double-check the property type since agents sometimes list condos as townhomes based on appearance rather than legal status
Verify HOA prepaid requirements with the association, as some require more than the standard two months at closing
Explain HO-6 coverage to your borrowers so they understand the difference between condo interior policies and standard homeowner insurance
Review the capital contribution amount separately from monthly dues, as this one-time fee catches some borrowers off guard at closing
Related Topics
Creating a New Property Card
Understanding Insurance Quote Options
Managing HOA and Fee Settings
Property Type Classifications