“We are getting ready to sell our condo and we heard we need to provide a resale certificate. What information are the buyers looking for and can I provide this without paying my property manager to prepare it?”
Dear “What’s important in a Resale Certificate?”:
When it comes to selling a condo in Washington State, you do have to provide a Resale Certificate to your potential buyer and that Certificate, along with supporting documents, needs to be provided by the Home Owner’s Association or Property Management Company. You cannot create the documents yourself unless you are a very small condo association and there is no official entity managing the HOA’s affairs (very rare). Buyers also have the right to a 5 day review of the documents once they receive them and also it’s important to note that the buyer’s lender will also be reviewing this Resale Certificate or a similar document provided by the HOA.
In terms of what buyers and also their lenders are typically looking for, here are a few main points: