Closing Documents
Buying homes in neighborhoods that have an HOA has both positives and negatives, and you should tell your buyers about them.
Prospective new owners should be aware that they will be liable for monthly HOA payments and all assessment spending. You should let them know what they will get in return.
Resale Package
A resale package is a set of legally binding documents offering prospective purchasers information they need about a property. The purpose of these documents is to make sure that the transfer of the property between parties happens smoothly and effectively when it comes to sale time. The resale package is a great way of smoothing out any bumps in the road in your selling process.
The package includes Resale Certificate, CC&Rs, Budget, Articles of Incorporation, Insurance Declaration page, and Balance Sheet.
Statement of Account
The Statement of Account is a single page legally binding document that shows the position of the current property owner’s Association account. This will allow prospective buyers to see that the seller has no outstanding assessments that could fall to the new buyer.
The statement of account accurately depicts how the current owner stands with their association; it is useful for any transaction, including refinancing or property sales.
