Form 1054 Warranty of Condominium Project Legal Documents

What Is Form 1054?

This is a legal form that was released by the Federal National Mortgage Association (Fannie Mae) on May 1, 2018 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 1054?A: Form 1054 is a warranty of condominium project legal documents.

Q: What does Form 1054 cover?A: Form 1054 covers the legal documents of a condominium project, such as the declaration, bylaws, and other governing documents.

Q: What is the purpose of Form 1054?A: The purpose of Form 1054 is to provide assurance that the legal documents of a condominium project are in compliance with applicable laws.

Q: Who is responsible for completing Form 1054?A: The developer of the condominium project is responsible for completing Form 1054.

Q: Why is Form 1054 important?A: Form 1054 is important because it ensures that the legal documents of a condominium project are accurate and legally binding.

Q: Can buyers rely on Form 1054?A: Yes, buyers can rely on Form 1054 to understand the legal framework of the condominium project they are purchasing.

Q: Are there any penalties for providing inaccurate information on Form 1054?A: Yes, there may be penalties for providing inaccurate information on Form 1054, as it is a legally binding document.

Q: Who should review Form 1054?A: Buyers, their agents, and their legal counsel should review Form 1054 to ensure they have a thorough understanding of the condominium project's legal documents.