Thinking About Selling Your Home?
With interest rates and housing inventory at historic lows, this is a very good time to sell your home. If you’re considering putting your HOA property on the market soon, there are a few things to remember about selling an HOA. A review of the Governing Documents for your Association is a good idea to know what kind of questions may arise during the sales process. If you need an updated copy of your Governing Documents, they are typically available on your Association’s website through Sharper Management. As the seller, you will be required to provide resale disclosure documents about your HOA. These documents contain a wealth of information for a buyer that include things like: Pending litigation about the association Up-to-date information about assessments The Association’s financial status Covenants and restrictions within the HOA Any violations about the unit you are selling Governing documents for the HOA You may request resale disclosures through the Sharper Management website or visit this link directly to learn more.
Selling in 2018?
As the new year gets underway, you may be thinking of changes such as selling your townhome or condo. If this describes your situation, here are a few things you’ll want to consider. 1. You Need to Order Resale Documents Documents Selling your condo or townhome within a registered Association is not like selling a single family home that is not a part of an Association. The Minnesota State Statute that governs homeowner associations (Minnesota Common Interest Ownership Act – 515B), states that the unit owner must furnish to a purchaser, before execution of any purchase agreement, the following documents relating to the association: the complete set of Governing Documents including the Articles of Incorporation, Declarations, ByLaws and any Rules & Regulations, and a resale disclosure certificate. To helpful fulfill this requirement, your Association’s Governing Documents may be found via your Association’s website. To order the entire package and, more specifically, the resale disclosure certificate, you will need to order through Condo Certs. Click here to be directed to Condo Certs where you will be able to obtain this information. (insert this link – https://secure.condocerts.com/resale/) 2. Hire a Realtor with HOA Experience Hiring a Realtor with experience in HOA sales will be a benefit to you. HOA experienced Realtors understand the process of selling in an HOA and why things like resale documents are necessary. Their experience will help move the sale of your home along smoothly. 3. Home Inspections Just like selling a single-family home, your buyer may require a home inspection. Be prepared by going through a maintenance checklist before the inspection to ensure your sale doesn’t get sidelined. For most living in an HOA, your responsibilities in a home inspection include things like, properly functioning HVAC systems, plumbing, electrical function within your home etc. Unlike a single-family home, the condition of the structures foundation and roof would be pieces covered by your HOA.