Selling Your Condominium or Townhome
Florida law requires that the seller of a home in a condominium, co-operative or homeowners association provide detailed information to the buyer about the association. This information must be given to the buyer at least three days prior to the date of the closing. If it is not, the buyer is granted a right of rescission.
Qualified Property Management (QPM) has adopted the state-of-the-art, digital document and data delivery system from CondoCerts as an added measure of convenience for closing attorneys, home sellers, lenders and Realtors. CondoCerts, an online service, provides reliable, round-the-clock access to legal documents and important project data for homeowners, lenders, mortgage bankers, real estate agents and title companies in need of information for managed communities.
With respect to a finance, refinance or sale of a property, all the information you need is available through CondoCerts. This pertains to association documents, budgets, certification of account histories, estoppels, questionnaires, etc.
With this fast, easy, online service, you can digitally order the paperwork you need when selling a home in Hillsborough, Pinellas, Pasco, Hernando and Citrus Counties in Florida. Just choose from one of the following packages:
Complete Disclosure Package:
Everything the seller is required by Florida statutes to provide to the buyer is included in this package: current copies of the associations documents (Articles of Incorporation, Bylaws, Declaration/CCRs), as well as the appropriate summary form (Q&A or Florida Homeowner Association Summary), and, for condominiums, the most recent budget, financials and related items. You will also receive a comprehensive report outlining a summary of other aspects of the association, such as the amenities and restrictions, litigation by and against the association, provided and required insurance coverage, special assessments and much more.
An estoppel letter, also know as a Certificate of Assessment, is used by closing attorneys and title companies to confirm the balance owed on the current owners assessment account with the association. No other information is given, nor are any association documents furnished. Order this letter three days before closing to avoid a rush charge.
Lender Information Package:
All of the information a lender needs to underwrite a loan for a home in an association can be found in this package. It also contains information about placing the loan on the secondary market, as well as copies of all of the associations documents, just in case more research is needed.