When selling a condominium or a home in a common interest community in Vermont, sellers are required to provide buyers with a Resale Certificate. Under 27A V.S.A. § 4-109, the condominium or homeowners association must prepare this certificate within 10 days after receiving a request from the seller. The seller must then provide the document to the buyer well before closing so the buyer has time to review the information and make an informed decision.
The Resale Certificate contains important details about the association, including its financial condition, monthly dues, special assessments, and any pending lawsuits or major issues affecting the community. If the certificate is not provided as required, or if the buyer finds the information unacceptable, Vermont law allows the buyer to terminate the purchase and sale contract at any time until the certificate is delivered and for five days after receiving it. Because of these timelines, sellers are encouraged to request the resale certificate from the association as early as possible to avoid delays in the transaction.
What types of properties require a Resale Certificate in Vermont?
A Resale Certificate is required when selling a condominium or a unit in a common interest community, such as certain townhome or planned developments governed by a homeowners association.
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