What is a certificate of resale

what is a certificate of resale

This is a sample of our resale disclosure certificate.

This is a common practice for Homeowner Associations.

It is a benefit to the realtor, the buyer, the seller and the association. Whenever a home

goes up for sale the realtor is contacted and given a contact name and phone number. They are

also notified if the home has any violations or past due amounts owed to the association.

RESALE DISCLOSURE CERTIFICATE

Date:_____________

Name of Common Interest Community: Stonecrest Village

Name of Association: Stonecrest Village Homeowners Association inc.

Address of Association: P.O. Box 380. Reamstown Pa. 17567

Name(s) of Seller(s): ________________________

Address of Unit for Sale: ___________________________

The following information is furnished by Stonecrest Homeowners Association inc. Registered with the Commonwealth of Pa.

There is no right of first refusal or other restraint on the free alienability of the above Unit contained in the Declaration, By-Laws, Rules and Regulations, or any amendment thereof.
  • The following periodic installments of common expense assessments and special assessments are payable with respect to the Stonecrest Homeowners Association:.

  • Upon occupancy the new homeowners are responsible for:

    a. Quarterly Homeowners dues/Assessment installments: $_

    Due Dates/Payment Schedule: _(Per quarter).

    Jan 1 st. April 1 st. July 1 st. Oct. 1st ___

    Total Annual Amount: $382.00 ,( payable in the _4_installments of $95.50)

    b. Special Assessment installments: $ _currently n/a as of date above__

    Due Dates/Payment Schedule: _currently n/a as of date above

    Total Special Assessment Amount, if applicable:_____________________

    c. Unpaid regular or special assessment fines or other charges with respect to the

    Current homeowners of ______ Stonecrest Ct. are. late fees in the amt of $____________.

    3. In addition to the amounts due under Paragraph 2 above, the following additional fees or charges other than assessments are payable by New Home Owners as a start up fee: 107.50 ($12.00 (fee for Current copy of Documents of Stonecrest.) and A fee of $95.50 is paid at settlement and will be credited as the buyers “first payment of quarterly dues”).

    4. At this time, the Association has not approved any extraordinary expenditures (not yet assessed) for its current and next two succeeding fiscal years, except as follows: Pending Sidewalk repair. & retention basin repair, road repair

    5. The Association has reserved the following amounts for maintenance, repair or replacement: $________________________ as of above date .

    The following portions of these reserves have been designed for the following specified projects: Entrance Sidewalk repair, Retention Basin repair, back and access road repair.

    6. In addition to the foregoing statements and representations, the following documents are furnished with this Certificate pursuant to statute:

    a. The most recent regularly prepared balance sheet and income and expense statement of the Association.

    b. The current budget of the Association.

    7. There are no unsatisfied judgments against the Association,

    8. There are no pending lawsuits

    to which the Association is a party,

    9. A detailed description of insurance coverage can be provided by the Association at any given meeting upon request. The Association provides the following insurance coverage for the benefit of the community: General Liability on Common ground.

    10. The Architectural Committee has reviewed the outside of the home and has found:

    _____________________________________________________________________________

    _____________________________________________________________________________

    _____________________________________________________________________________

    _____________________________________________________________________________

    (violations must be removed within 10 days of occupancy unless arrangements have been made with the association prior to settlement)

    11. The remaining term of any leasehold estate affecting the common interest community and the provisions governing any extension or renewal thereof are as follows:

    No more than Four of the occupied homes may be in active lease/rent agreements at any given time. Sub leases are not permitted.

    All lease/Rent agreements require a majority vote approval of the Association Executive Board, Board of Directors and written approval from the Association Executive Board President.

    12. Other matters affecting the Home or the buyer’s obligations deemed material by the Association are, as follows:

    Stonecrest Homeowners Association is mandatory and automatic.
  • The responsibility of a homeowner in Stonecrest are:

    1. To keep themselves informed by reading minutes to meetings.

    2. To participate in member activities, i.e. attending member meetings, serving on

    committees and participating in other activities which assist the board in governance or enhance the community.

    3. To participate directly in the governance by casting votes or sending proxies for every election or ballot.

    4. To respect the roles of all participants in the community governance, and recognizing

    and honoring those differences of opinion.

    5. To notify board of directors when covenant violation are observed.

  • I hereby certify that the foregoing information and statements are true and correct as of

    Date

    By:______________________________

    (Association representative)

    Receipt of this Disclosure Certificate, is hereby acknowledged by the undersigned buyer(s).

    Dated: _________________________

    ____________________________/_______________________________(Buyer)

    Name (print) Signature

    ____________________________/________________________________(Buyer)

    Name (print) Signature

    Current Homeowners Obligations to the buyer:

    1. Current Homeowners must provide this document to the Buyer(s).

    2. The Current Homeowners (or their Realtor) are required to notify the Association to furnish to the Buyer(s) ( prior to, the execution of a Purchase Agreement or before conveyance) the following:

    a. A copy of the Declaration;

    b. Copies of the Articles of Incorporation and Bylaws;

    c. Copies of any and all Rules and Regulations;

    d. Copies of any amendments to the above listed documents; and

    e. Copies of any organizational and operating documents relating to the Master Association, if any.

    Attached

    a. The most recent regularly prepared balance sheet of income and expense statement of the Association.

    b. The current budget of the Association.

    Enclosed: The Stonecrest Village Homeowners Association Inc. Book which contains the following copies.

    The Public offering Statement

    Summary of Rules and Regulations

    Source: www.stonecrestvillage.org

    Category: Insurance

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