Why Do I have to pay for a resale package?

ReSale Explanation

Some homeowners think that because they pay assessments every month they should not have to pay for a resale package. They are of the opinion that it is a bunch of pages all put together that just sits and waits for us to "push the button” when they place their order.

Resale Package Order Instructions

Follow the links to register and write down your username and password. CondoCerts Will contact you to verify your information and to activate your account.

Once your account has been activated, return to CondoCerts click on the login button and follow on the site to access the information you are seeking as follows:

Select Project: Allows user to order Resale Certificates and Association Documents.
Find a Homeowners Association:
Enter name of association (not Homeowners Business Management). Abbreviations of the association name are acceptable and will broaden the name search, such as "harbor" for "harbor cove homeowners association".
Entering an address is not required
Entering the city name is required. If you are unsure of what city, you may enter an·'*" and that will broaden the search. This is the location of the association and not the management firm
State is required, but zip code is not required.
Upon submission, you will get a list of projects found. Choose the one that you are searching by double clicking on the project name.
This will bring you to a screen that will enable you to choose the type of product you require.
Enter all necessary information on the form. INCLUDE YOUR CLOSING DATE.

It Is essential that management companies prepare these documents individually for each owner.

1. It Is a legal document required by law
It protects the buyer from purchasing into a community association without first obtaining "full disclosure". The disclosure statement includes the legal or pending legal status of litigation involving the Association. It also contains up-to-the-minute information about the assessments owed, outstanding special assessments and even pending assessments. The association's financial status and any outstanding loans owed by the association are included. It also provides any covenants restrictions or violations on the unit. All of these questions are answered and are entered in real time by a staff member when the order is placed. The document is not static: it requires keen oversight as the questions are researched and completed.

2. Resale package contains the governing documents
Many homeowners think these are the same as when they bought their homes. The truth is that over a period of time the board, with an owner vote when required, makes amendments, resolutions and changes to the Rules and Regulations on a regular basis. It takes staff to keep up with all the changes and add, delete, and replace the documents as they receive the new ones. Document management requires staff to change the documents and then upload the new ones to the website so we can just “push the button".

3. State requirements
Often times the last six months of minutes are required. This requires continually adding and replacing them each month. The budgets, audits, reserve studies, certificates of Insurance, annual reports and all other documents require removal and replacement when the current ones expire. This all requires diligence and time to obtain the appropriate documents before an order is filled

Once the preparer confirms they have all the correct documents in place, the "button is pushed” and the purchaser receives his or her packet.

Acri Community Realty utilizes Condo Certs Services as the central point to order and upload documents to make it easier for homeowners to access what they want 24/7. There is a cost involved to the management company for these services. It is quite an involved process that takes a large amount of oversight and staff to provide state legal documents.

Why should the homeowner, not the association, pay for a resale package?

It wouldn’t be fair for all owners to pay for resale certificates through their maintenance fees, since the average annual turnover of homes In a community ranges from 10 - 20%. Just as an association should not pay for Realtor commissions, real estate processing fees, etc. that pertain only to one home, so should it not be responsible for the preparation and Issuance of resale packages for an individual owner.

To Order a Resale Certificate Click Here Now