This form is a condominium certificate concerning a condominium unit in a particular building described in the contract. The contract contains sections which discuss the right of first refusal, capital expenditures approved by the condominium owners association, and the absence or presence of a common expense or special assessment due and unpaid by the seller to the association. The certificate also requires the following attachments: operating budget and insurance summary.
Collin Texas Condominium Resale Certificate: A Comprehensive Overview The Collin Texas Condominium Resale Certificate is an essential document involved in the resale process of condominium units within Collin County, Texas. It serves as a vital tool for prospective buyers, sellers, real estate agents, and lenders to obtain crucial information about the condominium property, its financial status, rules, regulations, and any pending legal or structural matters. The certificate is designed to ensure transparency and protect the interests of both sellers and buyers. Key Features and Contents of Collin Texas Condominium Resale Certificate: 1. Financial Information: The certificate provides detailed financial information about the condominium unit and the overall financial health of the condominium association. It includes the financial statements, reserve fund status, special assessments, existing liens, outstanding debts, and any pending legal actions against the association or the unit. 2. Rules and Regulations: This section outlines the bylaws, rules, and regulations established by the condominium association. It covers matters such as pet policies, parking rules, noise restrictions, unit alteration guidelines, and any limitations on renting or leasing the unit. 3. Insurance Details: The certificate contains information about the condominium association's insurance coverage, including general liability insurance, property insurance, and coverage for common areas. It outlines the extent of coverage, deductibles, and any current or previous insurance claims. 4. Maintenance and Repairs: This section outlines the responsibilities of the unit owner and the condominium association regarding maintenance and repairs. It covers the allocation of costs, responsibilities for common area maintenance, and any ongoing maintenance projects or special assessments related to the unit or the building. 5. Resale Restrictions: Collin Texas Condominium Resale Certificate may also specify any resale restrictions imposed by the condominium association, such as rights of first refusal or approval requirements before completing a sale. These restrictions ensure that the association maintains control over the ownership and quality of the community. Types of Collin Texas Condominium Resale Certificates: 1. Basic Resale Certificate: This is the standard Collin Texas Condominium Resale Certificate that provides essential information about the unit's financial status, legal matters, and rules and regulations. 2. Enhanced Resale Certificate: An enhanced resale certificate includes additional information, such as a comprehensive reserve study, recent updates or renovations, pending or planned maintenance projects, and any pending litigation or disputes involving the condominium association. 3. Lender-Specific Resale Certificate: Some lenders may require specific information or additional documentation to assess the unit's eligibility for a mortgage. The lender-specific resale certificate ensures compliance with the lender's requirements, such as proof of insurance, ongoing litigation status, or specific financial statements. In conclusion, the Collin Texas Condominium Resale Certificate is a crucial document that offers comprehensive insights into the financial, legal, and operational aspects of a condominium unit within Collin County, Texas. It aids in making informed decisions and mitigates potential risks associated with the purchase or sale of a condominium property. The different types of certificates cater to varied needs and ensure compliance with specific lender or association requirements.
