selling a home which is part of a HOA

Started by LizbethN • 5 replies • 1181 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

LizbethN (Pennsylvania)
Posts: 1

Posted:

We are selling our home which is in a HOA.
Apparently there is a legal form that must be handed over to the new owners stating that the current owner is in good standing with dues, etc.
Anyone know what form that is?
We are in Pennsylvania

RogerB (Colorado)
Posts: 5,067

Posted:

Lizabeth, contact your management company or if you do not have one contact your HOA Treasurer. In Colorado, we provide a certificate of status of assessment letter to the title company. This is normally requested or arranged by the Seller's real estate Agent.

NancyD1 (Florida)
Posts: 447

Posted:

The form is an Estoppel. Your HOA will fill out the form and give it to the closing agent, as Roger said.

JoeW1 (New York)
Posts: 728

Posted:

Quote:

Posted By NancyD1 on 09/06/2007 3:40 PM
The form is an Estoppel. Your HOA will fill out the form and give it to the closing agent, as Roger said.

NancyD1 - An estoppel certificate is a document in which a borrower certifies the amount he or she owes on a mortgage loan and the rate of interest. I don't think that is what LisbethN is seeking. RogerB is correct, the MC and or Treasurer should be able to assist.

GloriaM (North Carolina)
Posts: 829

Posted:

What is being requested from any closing attorney is any fees that are due to the HOA, e.g.; assessments, late fees, membership fees, pool keys, transfer fees, so that the attorney can collect at closing. We call it a closing statement.

NancyD1 (Florida)
Posts: 447

Posted:

I have served as counsel at over 300 closings in Fl and most states the document that a HOA prepares is an Estoppel Certificate. It is a representation of what a debtor owes a creditor. This validates what the homeowner owes the HOA at closing. It is not included in the HOA disclosure package. It is given to the title officer or the attorney for the purchaser to be included on the closing statement. Your community may have another name for this certificate but it documents what the seller owes the HOA. .

Joe, the banks or mortgage company's use a Promissory Estoppel.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here