Owners provide buyers a resale certificate with association records and details about fees, finances, repairs, and charging stations.
The resale certificate gives buyers association records, including its latest available financial audit and reserve study. If there is no current reserve study, it must warn buyers about possible special charges for major repairs.
An association must provide a requested resale certificate within 10 days. It may charge up to $275 to prepare one and up to $100 for an update requested within six months.
The resale certificate describes charging station requirements for the unit or its assigned common areas, including application status, insurance, upkeep responsibilities, and costs.
An owner must give the buyer a resale certificate with the listed association records and disclosures. The certificate is for a unit being sold in a common interest community. The certificate must include the most recent available financial audit and a copy of the most current reserve study. If the association lacks a current reserve study, the certificate must include a warning about the risk of special charges for major repairs. The owner must provide the certificate before the sale contract is signed or, if that does not happen, before the unit is transferred.
An association must provide an owner with a resale certificate after a request. An owner may request the certificate for a unit in a common interest community. The association may charge up to $275 to prepare the certificate and up to $100 to update it within six months of the owner’s earlier request. It may not charge extra for documents kept electronically on an available website, portal, or application, or require the owner to use a third party to pay for or receive the certificate. The 10-day period begins when the association receives the owner’s request.
The resale certificate must describe requirements for electric vehicle charging stations. The disclosure covers stations in the unit being sold or in limited common areas assigned to it. The description must cover application status, insurance, maintenance responsibilities, and costs. The information is provided with the resale certificate before the sale contract is signed or, if later, before the unit is transferred.
No hearings or votes scheduled.