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.
Resale Disclosure Documents
A resale package is a packet of vital information provided to those purchasing a condominium or a home in an association. The package includes a complete set of recorded documents that govern your association. Typically, the documents included are: Annual Financials, Articles of Incorporation, Budget, Bylaws, CC&Rs, Insurance Declaration Page, Regular Meeting Minutes, Resale Certificate/Demand, Reserve Report, Rules and Regulations. If you’re in the process of selling your townhome or condo, you may find resale disclosure documents via the Sharper Management website. Visit us at sharpermanagement.com. Look for the Resale Disclosures link in the menu bar. Or, click here
Resale Disclosures
Are you selling your unit? You will reach a point in the process where you will need to order a “Resale Disclosure Package.” This typically happens when you have a Purchase Agreement in place with a potential buyer. The potential buyer has a legal right to review the Association’s Governing Documents, financial information, disclosure certificates, dues current information, etc. They have a 10-day period to do this. It is the seller’s responsibility to obtain and provide this Resale Disclosure Package to the potential buyer. Contact Sharper Management when you have reached that point in your selling process and we will help facilitate getting you the disclosure information you will need.