Under § 34-36.1-4.09, if you’re selling a condominium unit, you must give the buyer certain condominium documents and information before signing a sales contract. A buyer must be provided: a copy of the condo declaration (minus plats and plans), the association bylaws, the association rules and regulations, and a resale certificate from the condo association that has specific information about the unit and association.
The association must provide the resale certificate within 10 days after the seller asks for it in writing. The condo association can charge up to $125 for preparing the certificate. If the association fails to deliver the certificate on time, it can face a civil penalty of $100 to $500 per occurrence. The buyer is not responsible for any unpaid fees higher than the amount shown in the resale certificate, and the sale contract can be cancelled by the buyer until the certificate is delivered and for five days after or until closing, whichever happens first. The seller is not personally responsible to the buyer for inaccurate information that the association included in the certificate.
The purpose of the Condominium Resale Documents Addendum is to confirm that the seller has delivered all required documents, records when the buyer receives the resale certificate and starts the buyer’s five-day review period under state law.
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