BANKING

Q. What closing cost should I expect?

A. There are 2 sets of closings that will take place. One closing is for your loan and the other closing is for the property. Critical Path Development will provide you with estimated closing costs on your unit. The closing costs vary by price. Contact your financial institution for the estimated closing costs on your loan.

Q. When do I need to have my financing in place?

A. Proof of Application to recognized mortgage lender is due within 5 business days of execution of contract. Within 45 days of execution of the contract, you need to provide a financial letter of commitment to us from a recognized lending institution. Buyer must provide a re-certified financial letter of commitment approximately 90 days prior to construction completion.

Q. Is there a particular bank I need to use?

A. You are entirely free to use any bank you choose. We have a list of banks that have closed on a number of our clients transactions that are familiar with this type of loan.

Q. Can I get 90% financing?

A. If you are financing your business you may qualify for a SBA loan. You will need to contact the bank you are financing through or you may call an SBA provider. If you’re an investor, you do not qualify for SBA financing.

Q. What is my initial down payment and when does this deposit become nonrefundable?

A. Total deposit due is 6% of the purchase price. A deposit of $5,000.00/ per unit is due at contract execution, which is fully refundable for 45 days. Deposit balance and financial commitment letter from a recognized mortgage lender are due within 45 days of execution of the contract.

Q. What if I can’t obtain financing?

A. We will assist you in locating alternative financing, however should you still not be able to obtain satisfactory financing, we will cancel your contract and return your deposit in full.

Q. Do I have to close with the same bank I procure a commitment letter?

A. No, we only need proof that you can obtain financing. Who you choose is your choice as long as the lender is a recognized lender. Buyer must provide a re-certified financial letter of commitment approximately 90 days prior to construction completion.

BUILD-OUT

Q. Who does my build-out?

A. We do. Your build out has been finished before you take possession of the property. You don’t ever have to worry about your build-out. Not only is the space finished but it is done with superior finishes and upgraded amenities.

Q. What does my unit come with?

A. Your unit is stubbed up for water, sewer, electric, telephone, 1-hour fully insulated fire wall that is mudded and taped ready for paint, and a dry sprinkler system.

Q. What type of sign can I erect?

A. There are certain sign criteria that must be followed. We will provide you with a package that contains the specs for the signs, a/c brackets ( if required), permit #’s for your building, and any other information that may pertain to your unit or center.

Q. What do I actually own?

A. You own the space inside your unit. The condominium association owns the building and all of the structures. You own all of the buildings and land in association with the other owners.

CLOSING

Q. Where do I close?

A. If you are closing on a business warehouse condo, the closing will take place at

Q. What are the closing costs?

A. Closing costs depend on the type and size of unit you are purchasing. We will be glad to give you an estimate upon request.

Q. When do I close?

A.

Q. What happens if I do not close

A.

Q. What if I decide to change my business type?

A. As long as it is approved by the association, it is fine.

INSURANCE

Q. What insurance do I need to maintain as a unit owner?

A. Owners will need to obtain coverage for damage to their contents and liability.

Q. Do I need insurance on the building?

A. No, the association holds the insurance on the building. It is covered by the association dues.

PROPERTY MANAGEMENT

Q. Who manages the property?

A. A reputable, qualified, experience professional management company.

Q. What responsibilities does the property management company have?

A. They manage the facility, to make sure it is kept clean and mowed. They take in all association dues, pay the bills and call meetings.

Q. Who runs the condominium association?

A. The association is overseen by a board of directors. The board is elected by each voting member of the association, all of which are covered in the condominium documents.

Q. How often do we have association meetings?

A. A mandatory meeting is required once a year. The board or the association can call other meetings it deems necessary.

Q. What are my monthly operating costs?

A. Please see Estimated Operating Budget provided with package.

RESELLING OR LEASING OF UNIT

Q. What if want to sell my unit?

A. You may sell your unit with approval of the association.

Q. What if I want to lease my unit?

A. The tenant must be approved by the association.

PARKING

Q. Are the parking spaces reserved or open?

A. All parking spaces are open.