What is a Resale Certificate or Public Offering Statement?
Normally found on condominiums in Alaska, a Resale Certificate outlines the operating information for the homeowner’s association governing the subdivision. It includes detailed information about: • Covenants • Bylaws • Rules and regulations • Assessments • Anticipated capital expenditures • Reserves • Balance sheet and income statement • Current operating budget • Pending legal action • Insurance coverage • History of the unit’s conformity and participation • Maintenance responsibilities • Minutes of the association meetings By law, a Buyer has 10 days to review the Resale Certificate and accept it or reject it and walk away from the transaction. Covenants are the rules and regulations that are permanently attached to a particular parcel of land. They are intended primarily for the benefit of the neighborhood to ensure that each homeowners’ real property is held to a high standard of care, maintenance, and appearance. They seek to enhance the value of homes in an area, and attempt to
