CVII Frequently Asked Questions
How is the sale price of each unit actually determined?
Initially all prices are based upon the cost per square foot of construction. Once the initial sale takes place, each condo will be tied to an index which tracts the monthly median home sales prices for Los Angeles and Ventura counties weighted 50% and annual faculty salaries, weighted 50%.
Once I become an owner, will I be required to sell my unit back to the university at a set price?
Yes. Faculty/staff housing is offered with the commitment by the university to provide consistently priced units to all members of the university community while transferring to faculty/staff the usual and customary benefits of homeownership.
What is the interest rate for mortgages provided by the university approved lender?
The interest rate will depend on the market rate available at time of purchase as well as the type of loan obtained.
As buyer, can I seek financing from an outside source?
No. Due to the resale restrictions on each condominium, only the university approved lender is permitted.
What factors are used to determine waiting list selection by the provost office?
In deciding who should be offered units, the provost's office produces an initial list of eligible candidates from those who have indicated interest. Deans and vice presidents, however, may suggest to the housing committee the relative priority of the faculty and staff within their respective areas. The deans and vice presidents are asked to group members of their faculty and staff who request housing into categories that correspond to the university's highest priorities and needs rather than produce a strict rank order. The order may be affected by the applicants' own stated requirements and preferences, as expressed on the application form. Please review the Principals and Procedures Governing Allocation of University Housing and Residence Life for complete list of criteria given priority.
Once I am on the waiting list, what do I do if I change my mind and decide not to purchase on campus?
If you are on waiting list and have not yet been selected to purchase a unit, contact
the provost's office with a written request to have your name removed from that list.
If you have already begun the purchase process with the real estate operations department,
contact the Director of Real estate Operations
Will I need to secure a condominium with a deposit?
Yes. Once your name is selected from the waiting list, you will be asked to sign a purchase agreement and provide a $500.00 deposit.
What is the process once I am selected by the provost office?
The provost will notify both you and the real estate operations department that you have been selected to purchase a condominium. You will then work with a member of the real estate operations staff for the remainder of the purchase process.
Are condo owners allowed to rent rooms in their unit and, if so, to whom?
Please refer to the CC&Rs for complete information.
What utilities are the responsibility of the owner and that of the homeowners association?
The association is responsible for common area maintenance and utilities including water, electric, and gas. The condo owner is responsible for the electric, gas, water, cable, and telephone servicing their individual condo.
Once I have moved to a condominium, will I enjoy a special privilege if I apply later to purchase a different condominium on campus?
No. Any current residents may apply for a different unit; however, this application will be considered equally with all other applications.
As owner, will I enjoy all of the same rights as an owner living off campus in a private home (pets, guests, etc)?
While the condominiums are part of the university campus, owners enjoy usual and customary rights of a condo owner living in an off campus association. Please refer to the CC&Rs for complete details.
With respect to HOA dues, what do they cover and how much will they be?
The HOA dues for each unit are determined by the individual unit's percentage of the overall project. A smaller unit pays lower dues than a larger unit. The dues cover all common area expenses for the association with a portion allocated to reserves (savings) to cover repair and replacement of common area improvements.
What is the homeowners association (HOA) responsible for?
The HOA is responsible for managing and governing the community for the benefit of all of the members. This includes the maintenance of all common area, enforcement of the Rules & Regulations and CC&Rs. Typically the HOA board, which is elected annually by the members (owners), delegates the management of the association to a professional manager while maintaining a policymaking and oversight role.