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What is HOA resale certification?

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August 12 2013 - San Antonio
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Thank you - this is good information. The HOA Resale Certificate is, typically, 4-5 pages. My HOA charges $245 for this certificate and an additional $50 expedite fee for a quick turn around. This fee, however, is not disclosed in the certificate itself. I find this a rather high fee for the amount of work required yet there's noting one can do about it but turn the other cheek and pay it come time to sell. 
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May 30

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March 13
A Resale Certificate is issued by the HOA near the time of the transfer from one owner to another. Texas law lays out what must be included in the Resale Certificate, it is a critical document when purchasing a home in an HOA.  Many Realtors do not understand the function of the Resale Certificate either and may advise you that it's just routine paperwork.  It is not.  Review it carefully as it provides very important information about the property and you may need to address things that are disclosed prior to closing.
A resale certificate under Subsection (a) must contain (1) a statement of any right of first refusal, other than a right of first refusal that is prohibited by statute, and any other restraint contained in the restrictions or restrictive covenants that restricts the owner's right to transfer the owner's property; (2) the frequency and amount of any regular assessments; (3) the amount and purpose of any special assessment that has been approved before and is due after the resale certificate is delivered; (4) the total of all amounts due and unpaid to the property owners' association that are attributable to the owner's property; (5) capital expenditures, if any, approved by the property owners' association for the property owners' association's current fiscal year; (6) the amount of reserves, if any, for capital expenditures; (7) the property owners' association's current operating budget and balance sheet; (8) the total of any unsatisfied judgments against the property owners' association; (9) the style and cause number of any pending lawsuit in which the property owners' association is a party, other than a lawsuit relating to unpaid ad valorem taxes of an individual member of the association; (10) a copy of a certificate of insurance showing the property owners' association's property and liability insurance relating to the common areas and common facilities; (11) a description of any conditions on the owner's property that the property owners' association board has actual knowledge are in violation of the restrictions applying to the subdivision or the bylaws or rules of the property owners' association; (12) a summary or copy of notices received by the property owners' association from any governmental authority regarding health or housing code violations existing on the preparation date of the certificate relating to the owner's property or any common areas or common facilities owned or leased by the property owners' association; (13) the amount of any administrative transfer fee charged by the property owners' association for a change of ownership of property in the subdivision; (14) the name, mailing address, and telephone number of the property owners' association's managing agent, if any; (15) a statement indicating whether the restrictions allow foreclosure of a property owners' association's lien on the owner's property for failure to pay assessments; and (16) a statement of all fees associated with the transfer of ownership, including a description of each fee, to whom each fee is paid, and the amount of each fee.
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December 14 2013
HOA resale certificates are issued by the home owner's association and it shows that the property is going to be owned by somebody new! HOA's can sometimes have some very crazy rules some buyers opt to find properties without HOA's for this reason..
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October 06 2013
HOA Resale Certification is something that can be very confusing in a home sale. I do have a couple questions for you and I will explain the HOA resale Certification process here in San Antonio, Texas very briefly. Are you represented by a realtor? Are you the Buyer or Seller? Are you doing a sale on your own? Have you agreed to provide an HOA resale Cert? Bottom line, I am assuming that you need to provide the HOA resale cert or you are trying to get one as the buyer. It is a packet provided by the HOA that states the current status of the home as viewed from the HOA... The packet will display if the home is under any violations etc... wether that be financially or through the Covenants Conditions, and Restrictions. Additionally, the HOA in the Resale Packet will provide you a copy of the CC&R's and Bylaws so that you can review them. Please answer the questions above and I can assist you more. As one of San Antonio, Tx leading Real Estate Agents, I deal with these HOA Resale Certification Packets very often as they can be tricky and really get you in a bind contractually as well as you are depending on the HOA to provide you the correct documentation in the amount of time agreed upon as per the contract if that applies... In order to ensure that you understand everything about the resale certification and how it may or may not apply to your situation, please feel free to contact me through my contact info here on Zillow and I will explain everything to you so that you have a full understanding on this very confusing subject. I wish you the best....! - Levi Rodgers
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August 16 2013
 
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