If you are in the process of purchasing or selling a condo, be prepared for lots of paperwork. There is a great deal of information the buyer needs to be aware of before obtaining the title to a property.
Among all of this paperwork involved in condo sales, HOA resale packages are critical for any prospective buyer to receive.
When a buyer is ready to purchases a condo, the homeowners association generally administers a resale package. This package is prepared by the HOA, within seven to ten days of the initial offer. This package is a packet of critical information, including a complete set of record documents that govern the association.
Regardless or not if a state requires HOA’s to provide resale packages, buyers should always obtain these documents before finalizing a transaction.
While information within these packages may vary depending on the state, they commonly include the following documents:
Generally, it is the seller’s responsibility to obtain the resale package for the buyer. However, if you do not receive an HOA resale package following your offer on a condo, your licensed real estate broker should be your first point of contact.
As a condo buyer, it is crucial to obtain and carefully review all documents within your HOA resale package before moving forward with the purchase.
This package discloses information about the community and whether or not the seller is current in their financial obligations to the association. All of this information could impact a buyers decision to close on the listing.
Knowledgeable and trustworthy brokers can point out any restrictions in the resale certificate that may lead a buyer to walk away from a deal.
HOA resale packages also protect both the buyer and the seller from potential disagreements and litigations and minimize financial risk for the association.
The HOA resale package eases the buying and selling process by laying out important information all in one place. The buyer does not have to worry about going back and forth with the agent or seller to sort out details regarding the transaction.
This paperwork enables transparent transactions and keeps buyers fully informed before investing in a property.
Both sellers and buyers will find that HOA resale packages offer vital information and peace of mind during a transaction. Keep this in mind before moving forward with your next condo purchase.
Get in touch with Luxury Living Chicago Realty 's team of experienced licensed real estate brokers and take the first step in buying or selling a home in Chicago.