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Selling a Unit Checklist


Britney Bergen


With springtime in full bloom and warmer days approaching, you may decide now is the time to sell your unit.


Great!


Now what? What comes next?


This checklist will provide you with a road map to help your sale go smoothly:


PRE-LISTING: 


 Review your HOA or condominium’s declaration, bylaws, and rules and regulations, or ask an attorney to review these governing documents. You should specifically look for any provisions regarding:


• Move-Out Fees. The association may charge a move•out fee.


• Notice of Conveyances. The association may require written notification that you intend to sell your unit.


• For Sale Signs. There may be restrictions on “for sale” signs, including the size of the sign, where you place the sign, and for how long.


• Move-Out Day. The association may require a walk-through of the hallways and other common areas you use on moving day.


 If you are renting your unit, review the lease, Washington’s residential landlord-tenant act, and related city ordinances to determine how much notice you must give your tenant before holding an open house, and/or terminating the tenancy.





 Decide whether you will hire a real estate broker or do a “sale by owner”. A broker can provide a lot of value in marketing the unit, but the broker’s commission is typically six percent of the sale price.





 Declutter your space, make minor repairs, and clean your unit.  List your unit for sale.


 


ONCE THE UNIT IS LISTED FOR SALE:


 Keep your unit clean! You may have multiple showings and only a few minutes to prepare your unit before certain showings.


 If your building has a security system, notify the concierge of any open houses so potential buyers and their brokers have access to the unit.


 


 Review any offers you receive with your real estate broker and/or your attorney.


AFTER YOU ACCEPT AN OFFER:


 Form 17. Complete and deliver a Seller’s Disclosure Statement (NWMLS “Form 17”) to the buyer within five business days of signing the purchase and sale agreement.


 


24 Community Associations Journal | May 2017


 Confirm the buyer’s contingencies (e.g., title, financing, and inspection) are either waived or satisfied.


 Review and complete all closing documents required by the escrow officer. If you have any questions about these documents, consult with your attorney.


 


 Notify the association of your upcoming move. You may need to schedule a walk•through, reserve a parking spot for the moving truck, and/or reserve an elevator for moving day.


 Celebrate your unit’s closing!


 


Among other things, Form 17 requires disclosures regarding: • Title


• Water • Sewage system • Structure • Systems and fixtures • HOA and common interests • Environmental aspects • Other material defects that affect the unit


After receiving Form 17, the buyer has three business days to accept it or rescind the purchase and sale agreement.


Your disclosures must remain true through closing. If you need to amend your disclosure, you should tell the buyer and/or make the necessary repairs. If you make the repairs, you must complete them at least three business days before closing.


If you’re unsure whether you should disclose something, consult with your attorney.


 Resale Certificate. If you live in a condominium, the buyer will request a Resale Certificate. The Resale Certificate discloses information about the financial health of the condominium association.





An officer or authorized agent of the association must sign the Resale Certificate.


Among other things, the Resale Certificate informs the buyer of the following:


• Amount of the monthly common expense assessment and any unpaid special assessments


• Any past-due assessments for any unit in the condominium • Amount of any reserves • Current operating budget


• Any unsatisfied judgments against the association and the status of any pending lawsuits


• Insurance coverage


The buyer will also receive a copy of the association’s declaration, bylaws, rules and regulations, and current reserve study.


The buyer can void the purchase and sale agreement within five days of receiving the completed Resale Certificate.


PREPARE FOR CLOSING:


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