The resale package (both certificate for resale and association disclosure packet) must contain the following information:
- The name of the association and the name and address of its registered agent in Virginia, if the association is incorporated.
- Information pertaining to expenditure of funds which requires an assessment in addition to the regular assessment during the current or next fiscal year.
- The amount of assessments and other mandatory charges imposed by the association for the property being purchased, and the status of the seller’s account.
- Information regarding any other entity of facility to which the owner may be liable for fees or other charges once he or she purchases the lot.
- Association financial information, including the current budget, most recent financial statement, and status of reserve funds.
- A description of pending suits or unpaid judgments of a material nature.
- Insurance information, both association and individual owner coverage requirements.
- Information concerning compliance by the seller with the governing documents, including copies of any notices provided to the seller.
- A copy of the current governing documents, and any rules and regulations or architectural guidelines adoptee by the association. Failure to receive copies of these documents does not relieve the purchaser of the obligation to comply with their provisions.
- Certification that the association has registered with the Virginia Real Estate Board.
No comments:
Post a Comment