Vera Koch | Buying A Condo

What is a Resale Certificate? or Public Offering Statement?

Information about the condominium project and home owners association. It is the law that you get this information.
Here are some of the items it will include:

Declaration and articles of incorporation

Bylaws

Rules and Regulations

Financial Statements – These will tell you what your monthly homeowners dues pay for, i.e. water, sewer, garbage, maintenance, and exterior insurance, for example.

Property Management Company Information

Upcoming Assessments

Insurance Carrier

Fine and Fee Structure

Owner Occupancy Rate

Bank Balances and Reserve AccountsRead CAREFULLY! Ask QUESTIONS! You have 5 days to review the resale certificate and 7 days to review the public offering statement. You may cancel your contract if you do not like the information contained in either document.

What do Homeowners Association Dues Include?

They usually include water, sewer, garbage, maintenance of the common areas (inside and outside), exterior building insurance, and property management fees. Some will include cable T.V. Only a few buildings have earthquake insurance.

The average dues, in this area, are around $150-$300 a month for a 1 bedroom and $200-$500 a month for a 2 bedroom. Downtown condo fees may be over $500 a month.