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Common interest community resale disclosure printable form 2025

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The document is the Minnesota Common Interest Community Resale Disclosure Certificate, required by state law, which provides essential information about a common interest community unit being resold. It includes details on assessments, financial obligations, insurance coverage, and any legal issues affecting the association. The certificate aims to inform potential buyers about the financial and legal status of the community and the specific unit.

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What is a resale disclosure document?

The resale certificate provides specific information about the home in the transaction and its standing in the community association. It includes any past-due payments to the association, pending violations, unpaid violations, unpaid special assessments, and fees that are due upon closing.

Whats the purpose of the inium resale certificate?

Overall, a inium resale certificate facilitates transparency, protects buyers, and promotes fair real estate transactions. It provides potential buyers the necessary information to make informed decisions and ensures a smoother transaction process for all parties involved.

Who completes the resale disclosure certificate?

In most cases, a community will have a designated person to handle documents related to the resale package. In the event that an HOA board member has to complete the certificate, the association and those involved with the certificates completion assume significant liability for any errors or inaccuracies.

Who pays for the HOA resale package in VA?

The seller is responsible for all costs associated with the preparation and delivery of the resale disclosure documents, except for the costs of any update, which are the responsibility of the requester (either the seller or purchaser), payable at settlement. See Va. Code 55-79.97:1 D and 55-509.6 D.

What is a HOA resale certificate?

HOA Resale Certificate The resale certificate is a financial overview of the HOA, featuring a sellers current standing with the association and key information regarding the property being sold. Other information may include: Amount and frequency of HOA dues. Unpaid violations. Pending violations.

What is a common interest community resale certificate?

A resale certificate or closing letter provides specific information about the home you are purchasing and its standing within a given community association. Typically, a Resale Certificate is a set of documents that a homeowners or inium seller provides to a prospective buyer, usually after mutual acceptance.

Who pays for the HOA resale package?

Some states require that the seller, or homeowner, pay for the resale package while others assign that financial obligation to the buyer. The question of who orders it usually depends on who pays for it.

Common interest community resale disclosure printable form 2025

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