PROPERTY SALES & RESALE DISCLOSURES

Add your title here

This is the text area for this paragraph.To change it, simply click and start typing. Once you've added your content, you can customize its design by using different colors,fonts, font sizes and bullets. Just highlight the words you want to design and choose from the various options in the text editing bar.

Add your title here

This is the text area for this paragraph.To change it, simply click and start typing. Once you've added your content, you can customize its design by using different colors, fonts, font sizes and bullets. Just highlight the words you want to design and choose from the various options in the text editing bar.

This is the text area for this paragraph.To change it, simply click and start typing. Once you've added your content, you can customize its design by using different colors, fonts, font sizes and bullets. Just highlight the words you want to design and choose from the various options in the text editing bar.

Add your title here

  • Does the association have responsibilities when an owner sells a unit?

    Yes.


    Association sales can trigger requests for statutory disclosure information and other closing documents.


    Management and Boards should have a consistent process for responding accurately and on time.

  • Can the association disclose that an owner owes assessments?

    Applicable resale and closing procedures may require disclosure of amounts owed to the association.


    The association should provide accurate information rather than estimates or informal representations.

  • What happens to unpaid assessments when a unit is sold?

    Outstanding assessments should be addressed as part of the closing and collection process. The legal consequences can vary depending upon the transaction and circumstances.


    Boards should promptly involve management and collection counsel when a delinquent unit is being sold.