Frequently Asked Questions

- What is a Condominium?
The absolute ownership of a unit in a
multi-unit building based on a legal description of the airspace the unit
actually occupies, plus an undivided interest in the ownership of the common
elements, which are owned jointly with the other condominium unit owners. In every day language, you own
exclusively your own condo unit interior space as far outward as the painted
walls and everything in between them. You also own an undivided
and equal share of the entire property in common with all of the other condo
homeowners in the complex. This includes the grounds, parking, common
area and entire building structure.
- Have the Condos
been approved by Ada County and other authorities?
Goose
Creek Condominiums (marketed as Condos At Silver Lake) is a condominium
project in Boise, Ada County, Idaho which has been developed pursuant to the
Idaho Condominium Property Act, Chapter 14 of Title 55, Idaho Code. The
procedure under Idaho law is to prepare and submit a Condominium Plat and
Declaration, both of which must be approved by the governmental entities
having jurisdiction over the land where the project is situated. Once the
necessary approvals have been obtained, the Plat and Declaration are
recorded. The Plat for this project was recorded on September 15, 2006, as
Instrument No. 106148166, in Book 96 of Plats, at Pages 11896 through 11907,
records of Ada County, Idaho. The Declaration was recorded on October 5,
2006, as Instrument No. 106158936, records of Ada County, Idaho.
Click for>>
FULL DOCUMENT explanation is available from
developer's attorney, Fred Ramey, Esq., Boise ID.
- Where do I get
Financing?First
Horizon Home Loans,
Countrywide Home Loans
and Home Source
Mortgage in Boise can provide conventional financing to
buyers with low or no down payment provided the borrower has satisfactory credit, adequate income and
nominal funds available. (Contact
Don
Lillie at
First Horizon Home Loans; 208-465-8804 or cell
794-6394,
Craig Ballhagen at
Countrywide Home
Loans: direct line 938-6619 and cell 713-3309 or
Kara DeWitt at
Home Source Mortgage; 208-376-8490
and cell 514-9747) Unless the buyer is paying cash or otherwise has the full
purchase price amount arranged for in advance, it is important to apply for
the necessary financing and to be pre-qualified at the time of making an offer
or signing your reservation agreement. This will enable the transaction
closing and final sales/purchase paperwork to be completed as planned and on
time with no unpleasant surprises. Contact info for another source of conventional
financing: Sam Merkling; Owner/Broker, Independent Mortgage Group 208-672-8627
office and 208-866-2807 cell phone.
-
Como encontrar financiamiento para los latinos?
No importa su estado
financieros, llámeme y lo puedo ayudar con el préstamo para su casa.
Para su servicio: Nancy Baca en
Home Source Mortgage;
-
telephono
208-376-8490, y cell 794-5969.
Se Habla Español
-
What about Insurance
against Hazards and Homeowner Losses?
The
Homeowner's Association carries a master policy that insures all of the
structures and the improvements on the property as well as providing for
certain liability insurance with specified limits of coverage. That
policy and coverage is with Kurt Pflegar of Farmer's Insurance at
208-345-5111. A copy of
that
Master Insurance Policy is available for
download. Individual condo owners will likely want to arrange for their
own contents and individual homeowner policy for items within the confines of
their condo unit and to provide for their own personal liability coverage.
-
-
Where are the Condos at Silver Lake located?
Just a few minutes walking
time from the Boise River and greenbelt, and a couple of miles west of the
downtown area, the Condos At Silver Lake have an excellent central location in
NW Boise. They are also very close to local shopping, parks, schools,
restaurants, and other conveniences. Additionally, the foothills are
nearby as are the main roads going North to skiing and other destination
areas. BSU is approximately 15-20 minutes away by bicycle when using the
beautiful greenbelt along the north side of the river.
Click here > for a local Map.
- Are there any
Restrictions on Ownership?
Anyone can purchase one or more of the Condos at Silver Lake, with no
restrictions as to age, familial status, occupancy, race, religion, or
otherwise. There are however, a number of
rules and regulations
(covenants and restrictions or
"CC&R's") that are designed and written to
protect the integrity and value of the properties and the peaceful enjoyment
by the property owners. Of course, the new prospective owners will have
to have the financial capability to pay in full for their condo unit at the
time of closing; either in cash or new loan proceeds from a lender of their
choice.
- Are These Condos
New or Under Construction?
All three buildings and 42
condo homes were built new and completed with a Certificate of Occupancy
issued in May of 2004. They have all been under rental or lease
agreements since that time and are now approved with city of Boise and Ada
county with the condominium
plat and condo declaration officially recorded with the county assessor.. A local engineering firm
handled all of the physical work, applications and logistics of the
complicated process of Condominium Platting and conversion.
- What about the Carports?
Carports
are available for 31 of the condos, with the possibility of two additional
that would be free standing, so some of the homes will not have covered
parking, but will instead be priced lower. The carports are planned for
construction and completion by approximately December 8th, 2006.
All work will be completed to meet local building codes and good building
practices. They are attractive and similar in appearance to our
photo illustration shown elsewhere in our web site and promotional materials.
- Who will
administer the Homeowner's Association (HOA)?
The HOA will be
administered by a local CPA accounting and HOA mgmt. firm with many years of
experience. The firm name is Harold Busmann, CPA and they can be reached
at 208-898-4000 during normal business hours. The email address is
hbusmann@cableone.net Billing, receipts, annual statements
and reports, and all other aspects will be handled in an efficient and
economical manner. Once all of the individual condo units have
been transferred from the builder developer to 42 different owners, the HOA
will at that point actually be under the control
of the collective ownership group comprised of the individual condo owners.
Likewise, the management company for the HOA acts under the direction of the
those same property owners through the workings of the Homeowner's
Association. Each condo owner has a voice and one equal voting right in the homeowner's association for the
Condos at Silver Lake.
-
Will all of the condo units be sold to new owners, and
what percentage will be owner occupied?
The builder has
signed an
Affidavit indicating that he intends to sell
100% of the 42 condo units and will maintain an initial ratio of over 50%
occupied by owner occupant condo buyers. This ratio makes the financing
easier and more readily available with conventional financing and lower down
payments. Additionally, a higher percentage of owner occupants will
likely result in a more well kept and appealing living environment that will
likely lead to better appreciation, resale, and general appeal. However,
there are no deed restrictions as to who may occupy any of the condo units.
Sales &
Marketing By: House of Brokers Home Team
6315 Ustick Road; Boise,
Idaho 83704
www.hometm.com (208) 327-9880
