RESALE PACKAGE
A resale package is a packet of vital information provided to those purchasing a home or condo in an association. The packet includes a complete set of recorded documents that govern your association.
The resale certificate provides transparency about the community and the seller’s financial obligations to the association.
- Balance Sheet
- Articles of Incorporation
- Budget
- Bylaws
- CC&Rs
- Insurance Declaration Page
- Resale Certificate/TREC Form
A resale package provides you financial information for the association, the governing documents or rules of the association and the certificate of insurance.
- Allows sellers to disclose their standing with the HOA.
- Lets buyers know that the HOA they are joining is financially sound.
Minimizes financial risk for the HOA. It ensures that if the seller isn’t up to date on payments, it can become the buyer’s responsibility after a certain amount of time and the association won’t be left unpaid.
Protects all parties involved as well reducing liability for the HOA if the seller isn’t up to date on payments.
The statement of account provides you detailed closing costs and account balance breakdown that will be collected at the time of closing.
QUESTIONNAIRE
Lenders may require a questionnaire to be completed with information regarding your association. Often, a custom questionnaire provided by your lender will need to be completed; however, a stock questionnaire is also available for purchase. Questionnaire orders will included the questionnaire of choice, as well as an association budget and balance sheet and the association’s certificate of insurance.
Lenders may require a questionnaire to be completed with information regarding your association. Often, a custom questionnaire provided by your lender will need to be completed; however, a stock questionnaire is also available for purchase. Questionnaire orders will included the questionnaire of choice, as well as an association budget and balance sheet and the association’s certificate of insurance.
FORECLOSURE
If the property being sold is bank owned as a result of a foreclosure action, the bank owned property packet should be ordered which typically includes the following documents:
The Statement of Account should not be ordered if the property is in Foreclosure, as it alone does not have all required documents needed for this transaction.
- Statement of Account
- Budget
- Current Unaudited Financial Documents
- CCRs
- Articles of Incorporation
- Bylaws
- Unit Ledger
- Insurance Dec Page
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