What is a condominium resale certificate?
A resale certificate is an information package given to the buyer of a resale condo to help him or her make a more informed decision about whether or not to purchase. Although exact requirements vary by state law, they generally include the following types of information: 1. Financial, including the budget, reserve fund, monthly condo fees or dues, special assessments planned, insurance coverage, any monies owed by the seller. 2. Physical condition, including schedule of current and long- term capital improvements anticipated. 3. Legal issues, including any lawsuits, judgments, covenant or building code violations, occupancy limitations. 4. A copy of the association’s Declaration, By-Laws, and Rules & Regulations. States that mandate resale certificates generally require that they be provided to the buyer within a specific number of days following the ratification of a purchase contract with the seller. The resale certificate is usually prepared by the Board and the project manager. Wh
Related Questions
- Can an individual tavern owner bring a resale certificate into a grocery store and purchase alcohol/beer exempt from sales tax if their tavern ran out of an item?
- What is a condominium resale certificate? When is a condominium resale certificate required prior to the closing of a condominium?
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