What is a North Carolina resale certificate?

What is an NC resale certificate?

A North Carolina resale certificate is a disclosure document that provides important details about a property located within a homeowners association (HOA) or condominium association (COA). It’s typically issued during the sale of a home in a managed community and gives buyers an overview of their financial obligations tied to the property. While North Carolina doesn’t formally require a “resale certificate” like other states, the term is commonly used by real estate professionals, attorneys, and property managers to describe disclosure documents that can help streamline home sales within managed communities.

This article is not intended to and does not constitute legal advice or create an attorney-client relationship. Board members should consult their association’s attorney to discuss the legal implications of their decisions or actions prior to proceeding.
 

Resale certificate vs. resale package vs. statement of unpaid assessments

While resale certificates, resale packages, and statements of unpaid assessments can all be part of the disclosure process, each one serves a distinct purpose:

• Statement of unpaid assessments: A concise, signed statement confirming whether the seller owes any assessments, fines, or other charges. This is the only document that’s statutorily mandated by North Carolina law.
   
• Resale certificate: Informal term for a disclosure sheet that adds context for the specific property being sold, such as upcoming special assessments or account details. This information can help buyers better understand the potential short-term financial impact.
   
• Resale package: Typically includes the resale certificate plus information about the association such as governing documents, reserve studies, budgets, insurance coverage, amenity schedules, architectural guidelines, and more. While not mandated by law, the resale package is often required by contractual agreements and satisfies lender checklists to help cut down on last‑minute document chases.

How do I get a resale certificate in NC?

NC resale certificates and packages are typically requested by the seller, their real estate agent, or the buyer’s attorney. If the community is self-managed, the request will usually go directly to the board. In most professionally managed communities, however, the seller or their representative submits a request to the property management company.

Once the request is received, the management company compiles the necessary documents and financial details into the resale package. Timelines for fulfillment may be outlined in the association’s governing documents. North Carolina typically gives an association 10 business days after receiving a written request to furnish the statement of unpaid assessments and caps the standard fee at $200, with an optional expedite fee up to $100.
 

How do you use an NC resale certificate?

Once delivered, the buyer reviews the document with their agent or attorney and decides whether to move forward with the transaction.

If these disclosures reveal an upcoming special assessment, the buyer might request that the seller cover the cost before closing. Or, if there are community rules that impact the buyer’s intended use of the property (like short-term rental bans), that may affect their decision to proceed. Both buyers and sellers can benefit from having a clearer understanding of the association’s current financial position and governing rules.
 

Why are NC resale certificates needed?

North Carolina resale certificates are needed to provide transparency and help protect all parties involved in a home sale within a community association. Buyers have the right to know about any obligations they are inheriting, including fees, rules, or upcoming projects. Sellers benefit by fulfilling disclosure obligations that may help prevent misunderstandings later.

Associations and property managers also benefit because resale certificates can help set expectations early and promote smooth transitions between owners. It can also reduce post-closing conflicts and help new residents feel more informed and prepared. Without a North Carolina resale certificate, a buyer might move in unaware of major assessments or restrictions.
 

How much does a resale certificate cost in North Carolina?

The cost of a North Carolina resale certificate can vary depending on the community, but typically ranges from $200 to $400. While the statement of unpaid assessments is typically capped by state law at $200 (with an optional $100 expedite fee), the full resale package is often broader in scope and may carry additional costs.

To avoid last-minute surprises, sellers should consider requesting pricing details from their association or property management company as early as possible. That proactive step can help keep the closing timeline on track.
 

Who pays for the North Carolina resale certificate?

In North Carolina, the seller typically pays for the resale certificate, though this may be negotiable as part of the sale contract. The cost may vary depending on the community and the complexity of the documentation required.
 

What happens if a buyer doesn’t receive a North Carolina resale certificate?

If a buyer doesn’t receive the North Carolina resale certificate by the deadline specified in the purchase contract, they may be entitled to delay closing until it is provided. In some cases, they may also have the option to withdraw from the transaction if critical information remains undisclosed. To prevent this from happening, sellers are advised to submit the request for the certificate as early as possible. Property management companies often provide guidelines and estimated delivery times to help sellers and agents plan accordingly.
 

How long is a North Carolina resale certificate valid?

A North Carolina resale certificate is typically considered valid for 30 days, depending on the community and management company. There is no state‑mandated expiration date for a resale certificate, but financial information can change quickly, so many lenders, title companies, and associations ask for an update if closing is delayed more than 30 days.
 

How property management professionals can serve your community

Navigating the process of obtaining and reviewing a North Carolina resale certificate doesn’t have to be complicated. With clear communication, early action, and professional guidance, sellers can avoid delays, buyers can make confident decisions, and associations can support a seamless ownership transition.

FirstService Residential partners with community associations throughout North Carolina to help streamline the resale certificate process. Our experienced team works closely with boards, managers, and residents to help make every step more efficient. Contact FirstService Residential today to learn how we can support your community association.