(Connued from page 31)


 Preparing and providing a welcome package if the association has one.


Contacting the attorney for guidance and information if the property is “in collections;”


 Providing information about pending litigation (which often requires contacting the association’s attorney for an update and learning what may be shared with the buyer and what is strictly confidential);


 Providing insurance information; and


Providing the current balance in the capital reserve fund, along with any plans for capital improvements in the current year and for the subsequent two years.


Real estate agents often say all a property manager has to do is “push a button.” However, that could be equated to a real estate agent selling a house only by putting a sign on the lawn. From experience, I know there is a lot of handholding, client education, late night phone calls and expertise which goes into each sale. Similarly, property managers and boards have checklists and significant work needed to generate accurate and complete resale certificates.


Why is the issuance of a resale certificate so important? Below is the list from Section 3407 of the Pennsylvania Uniform Condominium Act detailing what the s


seller (not the property


manager) of a community association property must provide to their buyer:


The unit owner shall furnish to a purchaser before execution of any contract for sale of a unit, or otherwise before conveyance, a copy of the declaration (other than the plats and plans), the


32 November | December 2021


bylaws, the rules or regulations of the association and a certificate containing:


(1) A statement disclosing the effect on the proposed disposition of any right of first refusal or other restraint on the free alienability of the unit.


(2) A statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owner and any surplus fund credits to be applied with regard to the unit pursuant to section 3313 (relating to surplus funds).


(3) A statement of any other fees payable by unit owners.


(4) A statement of any capital expenditures proposed by the association for the current and two next succeeding fiscal years.


(5) A statement of the amount of any reserves for capital expenditures and of any portions of those reserves designated by the association for any specified project.


(6) The most recent regularly prepared balance sheet and income and expense statement, if any, of the association.


(7) The current operating budget of the association.


(8) A statement of any judgments against the association and the status of any pending suits to which the association is a party.


(9) A statement describing any insurance coverage provided for the benefit of unit owners.


(10) A statement as to whether the executive board has knowledge that any alterations or improvements to the unit or to the limited common elements assigned thereto violate any provision of the declaration.


(11) A statement as to whether the executive board has knowledge of any violations of applicable governmental requirements or knowledge of the existence of any hazardous conditions pursuant to section 3402(a) (26) (relating to public offering statement; general provisions) or with respect to the unit, the limited common elements assigned thereto or any other portion of the condominium.


(12) A statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof.


(13) A statement as to whether the declaration provides for cumulative voting or class voting.


(14) A statement as to whether an agreement to terminate the condominium has been submitted to the unit owners for approval and remains outstanding.


(15) A statement of whether the condominium is a master association or is part of a master association or could become a master association or part of a master association.


(16) A statement describing which units, if any, may be owned in time-share estates and the maximum number of time-share estates that may be created in the condominium.


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