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The legal disclosure obligations of a Homeowners Association (HOA) to a seller member typically vary by jurisdiction and the specific governing documents of the HOA. In general, the HOA is often required to provide certain disclosures to the seller member, such as financial statements, governing documents, current and upcoming special assessments, and any pending or ongoing litigation involving the HOA. It is important for sellers to review local laws and consult their HOA's governing documents to fully understand their disclosure obligations.

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5mo ago
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13y ago

You may be referring to an inclusion in the purchase/sale agreement documentation packet which details the status of the unit and documents the status of certain business aspects of the association. The packet is part of what a new buyer signs for when buying property within an association.

The 'resale certificate' is usually produced by the management company, and states the financial status of the unit being sold; i.e., is there a lien on the title; special assessments payments remaining, monthly assessment amount, and possibly more.

The certificate also states the percentage of owner/occupied units, unsold units, rental units, any anticipated special assessments, where the association is in any construction defect negotiations/ litigation/ repair process, constitution of the board, and more.

You can ask your property manager to give you a preview copy of the 'resale certificate' (it may have another name) appropriate for your unit, so that you can clarify any status issues you may have with your unit's resale profile.

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Q: What are the legal disclosure obligations of a Home owners association to a seller member of that Homeowners association?
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