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#459317 - 10/09/17 01:39 PM 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 05:26 PM Re: Resale certificates? [Re: Ajtex]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7793
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 07:36 PM Re: Resale certificates? [Re: Vermont]
MOMO Offline
Member

Registered: 03/02/13
Posts: 411
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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#460164 - 12/22/17 05:23 AM Re: Resale certificates? [Re: Ajtex]
Mayra Kelley Offline
Member

Registered: 11/09/17
Posts: 11
Loc: Arizona, USA
A resale certificate is a part of what is obtained when obtaining subdivision information.
The resale certificate should show the following:
1. Amount of, date of and frequency of assessment.
2. Amount of late fees.
3. Past due assessments
4. Other assessment amounts
5. Purpose of other or assessment example pool keys are often other assessments and to be paid only by users of common area pool.
6. Amount of active special assessment.
7. Purpose of active special assessment example new subdivision parameter fence.
8. Financial Information is there community enhancement fees?
9. If so how is Fee determined/calculated.
10.Amount of money in the designated reserve fund intended to be used for long-term capital needs.
11.Capital expenditures
12.Does the association have any active leasehold that effects the association?
13.If a Unit/Home is acquired through foreclosure, is mortgage company responsible.

The resale certificate itself has information on the property such as unpaid assessments or special assessments or lawsuits to common areas.

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