What is a resale certificate?
Sellers of common interest ownership units (condominiums) must give buyers a package of resale disclosure documents. It is the seller’s responsibility to compile and disclose the resale documents to the buyer. Those documents must include:
1. Monthly common charges
2. Owners’ ability to lease the unit.
3. The owners’ right to use or occupy the unit.
4. Amount of reserve for capital expenditures.
5. Unpaid charges the seller owns the association.
6. Any restriction on a maximum or minimum resale amount.
7. Any upcoming capital spending approved greater than $1,000.
8. Number of Foreclosures actions brought or pending by the association.
9. Number of unit owners who are at least sixty days delinquent in in paying common charges.
You can find more information about the CT state stature concerning common interest ownership by going here: http://bit.ly/2FZNHjK
Submit questions here: http://bit.ly/2pT8XP3
Tawana Bourne | 860.834.1220 | RealtorTawanaBourne@gmail.com
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