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#459317 - 10/09/17 08:39 AM Resale certificates?
Ajtex Offline
Junior Member

Registered: 07/12/17
Posts: 5
Loc: Austin
In selling a high rise what is the purpose of the resale certificate?

I can't seem to find much info...

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#459321 - 10/09/17 12:26 PM Re: Resale certificates? [Re: Ajtex]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
Usually just a preliminary acknowledgement by the Buyer that he has received (and read ?) copies the Charter or By Laws of the Condominium and the Condo or HOA Association, and any other pertinent documents, so that there will be no surprises after s/he has begun bidding, entered into a Purchase and Sales Contract . . . . or taken Ownership (which would be a little late !).

Many places, the Sellers must supply a dated copy; but around here, as a courtesy, the Broker can keep one set of up-to-date Documents in the Office, and make copies for each prospective Buyer . . . . but s/he must be certain that it is UP-TO-DATE.

The Condo Association will want evidence (certification ?) that the New Owner has received his/her own copies, and knows about any and all current and pending future Fees or Assessments.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#459452 - 10/20/17 02:36 PM Re: Resale certificates? [Re: Vermont]
MOMO Offline
Member

Registered: 03/02/13
Posts: 407
Loc: USA
I have sold a bunch of condos and Vermont is spot on with his remarks. In Missouri (my area anyway) there is also a 2 page document titled Resale Certificate and it outlines all documents that should be included in the Buyer resale certificate...make sure you obtain all required documents.

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