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What is a Resale Certificate and why is it required?

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What is a Resale Certificate and why is it required?

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A Resale Certificate is a type of owner disclosure statement which is submitted by a seller to a buyer in a condominium or homeowners association. The document is required by Pennsylvania state statute to be delivered to a prospective condo/HOA buyer after a sales agreement is executed. The certificate discloses information not only about the seller’s financial relationship with the association, but also about the association itself. Data such as reserves on hand, insurance coverage, architectural violations, voting procedures, and other relevant information is prepared, usually by the association’s managing agent, and delivered to a buyer, who is required to acknowledge receipt by signing the document. There is usually a fee charged to the seller for preparation of a Resale Certificate/packet. The buyer also acknowledges receipt of other important association documents such as the governing documents, latest financial statement, and most recent budget. The Resale Certificate/packet pr

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