Sale Disclosure/Certification

Started by AmyG • 3 replies • 1809 views

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AmyG (Washington)
Posts: 1

Posted:

We are a small 16 unit association in WA. Our treasurer currently prepares documents for disclosure/certification for sellers of units. This includes copying all related association documents. How are others handling this requirement. What is a typical charge for this work. Does anyone know a company that the work can be outsource to.

Any information would be helpful.

RogerB (Colorado)
Posts: 5,067

Posted:

Amy, DARCO has scanned and digitized all documents. They are provided to the seller or the seller's agent upon request. We charge a fee for providing a Certificate of Status of Assessment which is required for closing through a title company. The cost covers our responsibility, copies, and efforts. The fee is usually paid by the seller at closing to the title company who sends a check to DARCO. There is no charge to the association. MCs offer this service to associations they manage.

BrianB (California)
Posts: 2,820

Posted:

In arizona, title companies must provide the buyer copies of the CC&R's (i believe), which are recorded with the county/state. Thus, we don't do any of that.

However, we will fill out forms for the title company, attest to insurance, back fees, liens, etc. on the property at the title companies request. we typically don't charge for that unless the requestor asks for lots of work/material to be copied.

Finally, I love Roger's advice: get your paperwork scanned or electronic as soon as you feasibly can. I wish ours was!

JulieS (Georgia)
Posts: 412

Posted:

Our management company handles this for us, for a fee, which is included in the closing.

We have our by-laws, covenants and design standards on our website and as PDF documents that can be easily emailed.

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