What is a Resale Certificate? or Public Offering Statement?
Information about the condominium project and home owners association. It is the law that you get this information.
Here are some of the items it will include:
- Declaration and articles of incorporation
- Rules and Regulations
- Financial Statements – These will tell you what your monthly homeowners dues pay for, i.e. water, sewer, garbage, maintenance, and exterior insurance, for example.
- Property Management Company Information
- Upcoming Assessments
- Insurance Carrier
- Fine and Fee Structure
- Owner Occupancy Rate
- Bank Balances and Reserve AccountsRead CAREFULLY! Ask QUESTIONS! You have 5 days to review the resale certificate and 7 days to review the public offering statement. You may cancel your contract if you do not like the information contained in either document.
What do Homeowners Association Dues Include?
They usually include water, sewer, garbage, maintenance of the common areas (inside and outside), exterior building insurance, and property management fees. Some will include cable T.V. Only a few buildings have earthquake insurance.