Buying & Selling FAQs
RESALE DISCLOUSURE DOCUMENTS
Q: What are Resale Documents?
A: The Resale Disclosure Certificate; other documents provided with the order are the current Governing Document, Financials, Budget, & Master Association documents if applicable and available.
Q: What is the purpose of a Resale Disclosure?
A: Minnesota State Statute requires homes that are part of an Association to provide a Resale Disclosure Certificate and supporting documents to the potential buyer of the home. The potential buyer has 10
days to review these documents. The purpose of this is to inform the buyer of the rules, practices, and financial standing of the Association.
WHY DO I NEED THIS?
Q: What can happen if I do not order Resale Disclosure for my home sale?
A: The seller can be held liable for non-disclosure of Association practices and financial standing should an issue arise.
ORDERING RESALE DISCLOSURE DOCUMENTS
Q: Can a potential homeowner or anyone else buy Resale Disclosure Documents from CondoCerts?
A: No, they should only be purchased by the seller or a representative for the seller.
Q: When should I order Resale Documents?
A: When the home is put on the market. The Resale Disclosure Package is valid for 90 days and the potential buyer must be given 10 days to review prior to closing.
Q: Who should I contact if I have questions about the order, like when it will be delivered or after it has been delivered?
A: Resale Disclosure Coordinator at New Concepts
Q: Who can help me if I am having problems placing an order?
A: CondoCerts Customer Support Team: 800-310-6552 | customerservice@condocerts.com</a >
Q: Do Resale Documents expire?
A: Yes, after 90-days; there are free updates within the first-30 days, a small fee for updates until the 90-day mark.
Q: Why do Resale Documents expire?
A: The short answer is that it is State Law. The longer answer is that it is to assure the buyer receives up to date information about the Association in case of any changes that may have occurred.
COST
Q: Is there a cost for Resale Documents?
A: Yes. There is a charge for the Resale Package and there may be an additional charge if an inspection is required. There are additional charges for a RUSH order.
Q: What if I have questions about the cost?
A: The Resale Disclosure Coordinator – resales@ncmgi.com
INSPECTIONS
Q: Why does my home need an inspection with the Resale Disclosure Certificate?
A: It is either required by the association’s Governing Documents or the Association Board.
Q: What will the inspection show?
A: The inspection will point out items in need of repair and inform the seller/buyer who is responsible for the repairs.
STATEMENTS & DUES PAYMENTS
Q: I was sent a statement or other correspondence from the association, BUT we sold our home?
A: In order to change ownership in our system, we must receive a copy of the Warranty Deed from the closer. Please keep in mind that the changeover to the new owners will not happen immediately because
the Warranty Deed may not arrive for several weeks. If you continue to receive information or statements after 30 days’ post-closing, please contact our office and we will be happy to assist.
Q: We will be closing on our home soon and would like to discontinue HOA payments. Could you let me know the process for this?
A: Make your normal monthly dues payment up until your closing date.
REFUNDS
Q: Should I give the association my forwarding address?
A: Yes, if there is a credit on the account the forwarding address will allow us to send any credit to the seller.
