The Condo Resale Certificate – Part III of Required NC Property Disclosures
In addition to providing the Residential Lead-based Paint Hazard Disclosure (for all homes built prior to 1978) and the Residential Property Disclosure Statement, did you know it is required of every condo seller/owner in the state of North Carolina to provide the buyer a “Condo Resale Certificate” before a contract is signed by a prospective buyer? So what is a condo resale certificate and what information is required to be made known to the prospective buyer?
Important Items in a Condo Resale Certificate
- All Monthly HOA Fees must be stated (these fees normally cover the care and maintenance of the common areas of the condo project)
- Special Assessments must be stated (Example: Special fees pending for the roof replacement of the building)
- Any other “common” fees associated with ownership of the condo
When Do I Provide this Condo Resale Disclosure Certificate?
Sellers of existing Raleigh condos (or resale condos located anywhere else in NC) must provide the resale certificate before a sales contract is signed! It makes no difference if you are selling your condos as a for-sale-by-owner (fsbo) or if it is listed with a Raleigh real estate agent.
If you have any questions about this or any other mandatory Raleigh real estate disclosure statements, contact anyone here at the Jim Allen Group today!
Until next time,
Jim
