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.
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.
Form Details:
Download a fillable version of Form 1054 by clicking the link below or browse more documents and templates provided by the Federal National Mortgage Association (Fannie Mae).