Selling your Home? Things to know
The resale certificate contains information specific to the home and its standing with the association. For example, past due or credit balances, pending violations, and fees due at closing are all part of this certificate. In addition, information about the association is disclosed, including any assessment details, reserve fund balances, and any pending litigation.
Digital copies of the association documents, including the Development Area Declaration, Bylaws, Modification Guidelines, and Master Covenant, are all provided for distribution to the buyer.
The closing fees contained in the resale certificate should all be paid by the home buyer unless otherwise negotiated when the contract is written. We’ve received inquiries from residents for whom their title company wrongly charged these fees. The current fees are below:
Resell Package: $345
Working Capital: $120 Working Capital (Two Months assessments)
Community Enhancement Fee: 0.25% of the contract price
When a request for a resale certificate is received, a resale inspection is completed on the home. This inspection is similar to our regular community standards inspections. It is used to identify any outstanding or new community standards concerns and any modification projects completed without approval. All information gathered during the resale inspection is included in the resale certificate as a disclosure for the buyer. The resolution of any noted community standards concerns can be negotiated between the buyer and seller to determine who will take corrective action. I am happy to help clarify any questions regarding the disclosed matters.
Requests for a resale certificate and disclosure package can be processed online by your realtor or title company at www.homewisedocs.com.