Tuesday April 25, 2017

What does the law in Delaware say about resale packages?
The Delaware Uniform Common Interest Ownership Act sets all the regulations around condominiums and community associations in the state. In Delaware, a resale certificate must accurately disclose information that is correct to within 120 days of the date that the purchaser gets that certificate. The state is making sure that community associations and sellers are providing buyers with recent financial information only.The certificate must include the monthly assessments, any fees that the owner must pay – including unpaid dues or violations, how many owners in the community are behind in their dues and how much that totals, reserve account balance, copy of the most recent reserve study, association balance sheet and income expense statement, planned capital expenditures, complete operating budget, any pending litigation or judgments against the association, information about the association’s insurance policies, health or environmental code violations and more. If there are liens against the property, they must be declared as well. These documents must be dated no later than the date on the contract of sale and are legally required to be provided within 10 days of the request by the unit owner.
To learn more about resale packages and certificates, what information they include and how to obtain one, check out our interview with resale expert Marlayna Bohrman when you click the link below.
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