Resale Disclosures: What They Are & Why They’re Needed
If you are selling your townhome, condo, or single-family home that is legally platted within a registered Association, you are required by Minnesota state law to provide a “Resale Disclosure Package” to the potential buyer. This “package” consists of a number of items, including: Copies of the Governing Documents (Articles of Incorporation, Declarations, Bylaws, Rules, recorded Amendments, etc.) Financial Statements Resale Disclosure Certificate Perhaps the most important component is the Resale Disclosure Certificate. This document must be dated not more than 90 days prior to the date of the purchase agreement. To name a few things, it includes information such as the Association’s Reserve Fund and Operating Fund balances; if there are any outstanding assessments (“dues”) or special assessments against the home; if the Association knows of any pending or imminent special assessments; if there are any lawsuits against the Association; and a statement of insurance coverages. By state statute, “the Association, within ten days after a request by a unit owner, or the unit owner’s authorized representative, shall furnish the certificate required….” Additionally, there is usually a fee associated with producing these legal documents. “The Association may charge a reasonable fee for furnishing the certificate and any Association documents related thereto.” See the full statute at https://www.revisor.mn.gov/statutes/?id=515B.4-107 In short, this Disclosure allows the potential buyer to have complete transparency into what they are buying. Most Associations utilize their Management Company to facilitate this requirement on behalf of selling homeowners. We at Sharper Management facilitate all Resale Disclosure requests for our clients. If you are planning to sell your unit, or if you have any questions about Resale Disclosure requirements, please contact us.
Having Dogs in an HOA: Rules and Courtesies
Living in a condo or townhome means you need to be respectful of your neighbors, and poorly trained dogs and inattentive owners can cause problems. If you have a dog in your HOA, here are some things to be aware of: Excessive barking It’s inevitable that dogs will bark throughout the day, whether they’re telling you they need to go outside or if they just want some attention. Yelping, whining, or barking for five or more minutes is known as nuisance noise. It can be annoying at any time of day, but it’s especially obnoxious in the early morning hours or late at night. No one likes to be kept awake by a barking dog, so be sure to tend to your dog’s needs. Be aware that the Association could issue rule violations and/or fines if this kind of activity is reported. Cleaning up after your dog After your dog does their business, you need to pick up after them. Associations are strict about picking up after your dogs immediately, and there could be a violation or fee for neglecting to do so. Remember, common areas in your Association are shared areas. They are shared by other residents and they are maintained by service providers. They should not be held responsible, nor have to navigate, your pet’s messes. Leashing your dog In common areas and outside your home, your dog needs to be leashed. Although your dog may be friendly or well trained, there’s no knowing when they’ll be provoked or distracted. Keeping your dog leashed is a safety precaution for you and other residents – and most cities have pet leash ordinance. It’s not just an Association rule – it’s usually a law.
Staying Safe During Storm Season
We’ve entered storm season here in the Midwest, so now is a good time to go over some tips for staying safe. In a condo or other high-rise building, there isn’t always a basement or underground parking garage to take shelter in. So, in the case of severe weather, what should you do? No matter if you’re on the top or bottom level, get to an area without windows. You’ll want to get to a room that has as many walls between you and the building’s exterior as possible. Bathrooms or closets are typically the safest options. It’s best to get as low as you possibly can in the building, so get to know your neighbors on the first floor, as you could likely take shelter with them. Your building may have a designated safety area for instances like these, so check with your association. You should also create a safety kit for severe storms in case the power goes out for a long period of time. Include first-aid items, flashlights, emergency contacts, water bottles, and nonperishable food. Checking the weather and knowing when a storm will strike will help keep you safe and give you time to prepare. If you do have covered parking, move your vehicle so that it’s not hit from flying debris outdoors. We hope you stay safe this summer, and we hope for minimal storms!