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.
Odessa Texas Condominium Resale Certificate is an important document that is required during the sale of a condominium unit in Odessa, Texas. It serves as an official record stating the financial and legal status of the condominium unit being sold. The certificate not only protects the interests of the buyer but also ensures transparency and disclosure of information related to the property. The Odessa Texas Condominium Resale Certificate typically contains detailed information about the condominium unit, its physical condition, and any outstanding financial obligations that the seller may have. It provides potential buyers with crucial insights into the current state of the condominium, including its financial stability and any pending or ongoing legal matters. Keywords: Odessa Texas, Condominium Resale Certificate, sale of a condominium unit, financial and legal status, official record, condominium unit, Odessa, Texas, protects interests, transparency, disclosure of information, property, detailed information, physical condition, outstanding financial obligations, potential buyers, financial stability, pending legal matters. Different Types of Odessa Texas Condominium Resale Certificates: 1. Standard Resale Certificate: This is the most common type of Odessa Texas Condominium Resale Certificate. It provides comprehensive information about the condominium unit, including details about its financial condition, association fees, special assessments, outstanding loans, litigation history, and any other relevant financial aspects. 2. Special Assessment Resale Certificate: In some cases, condominium associations impose special assessments on individual unit owners to cover specific expenses, such as major repairs or renovations. A Special Assessment Resale Certificate focuses on disclosing details about any ongoing or upcoming special assessments and their impact on the financial obligations of the seller and the buyer. 3. Litigation Resale Certificate: If the condominium association or the unit being sold is involved in any legal disputes or litigation, a Litigation Resale Certificate is required. This type of certificate highlights the details of any ongoing litigation, judgments, or claims filed against the condominium association or unit. It is crucial for buyers to be aware of any legal issues that may affect the value or livability of the condominium unit. 4. Insurance Resale Certificate: An Insurance Resale Certificate focuses on the insurance coverage of the condominium unit. It provides information about the type of insurance policies held, coverage limits, deductibles, and the overall level of insurance protection. This certificate helps potential buyers understand the extent of insurance coverage and any potential risks associated with the property. 5. Maintenance Resale Certificate: This type of Resale Certificate outlines the maintenance history and condition of the condominium unit. It may include details about past repairs, renovations, or ongoing maintenance responsibilities. A Maintenance Resale Certificate is especially relevant for buyers who want to ensure that the condominium unit has been well-maintained and is in good physical condition. 6. Financial Resale Certificate: A Financial Resale Certificate provides a comprehensive overview of the financial aspects of the condominium association. It typically includes information about the association's budget, reserves, delinquencies, and any pending or upcoming financial obligations. This certificate helps buyers assess the condominium association's financial stability and the ability to meet its financial commitments. Keywords: Standard Resale Certificate, Special Assessment Resale Certificate, Litigation Resale Certificate, Insurance Resale Certificate, Maintenance Resale Certificate, Financial Resale Certificate, condominium association, special assessments, ongoing litigation, insurance coverage, maintenance history, financial aspects, association's budget, reserves, delinquencies, financial stability.Odessa Texas Condominium Resale Certificate is an important document that is required during the sale of a condominium unit in Odessa, Texas. It serves as an official record stating the financial and legal status of the condominium unit being sold. The certificate not only protects the interests of the buyer but also ensures transparency and disclosure of information related to the property. The Odessa Texas Condominium Resale Certificate typically contains detailed information about the condominium unit, its physical condition, and any outstanding financial obligations that the seller may have. It provides potential buyers with crucial insights into the current state of the condominium, including its financial stability and any pending or ongoing legal matters. Keywords: Odessa Texas, Condominium Resale Certificate, sale of a condominium unit, financial and legal status, official record, condominium unit, Odessa, Texas, protects interests, transparency, disclosure of information, property, detailed information, physical condition, outstanding financial obligations, potential buyers, financial stability, pending legal matters. Different Types of Odessa Texas Condominium Resale Certificates: 1. Standard Resale Certificate: This is the most common type of Odessa Texas Condominium Resale Certificate. It provides comprehensive information about the condominium unit, including details about its financial condition, association fees, special assessments, outstanding loans, litigation history, and any other relevant financial aspects. 2. Special Assessment Resale Certificate: In some cases, condominium associations impose special assessments on individual unit owners to cover specific expenses, such as major repairs or renovations. A Special Assessment Resale Certificate focuses on disclosing details about any ongoing or upcoming special assessments and their impact on the financial obligations of the seller and the buyer. 3. Litigation Resale Certificate: If the condominium association or the unit being sold is involved in any legal disputes or litigation, a Litigation Resale Certificate is required. This type of certificate highlights the details of any ongoing litigation, judgments, or claims filed against the condominium association or unit. It is crucial for buyers to be aware of any legal issues that may affect the value or livability of the condominium unit. 4. Insurance Resale Certificate: An Insurance Resale Certificate focuses on the insurance coverage of the condominium unit. It provides information about the type of insurance policies held, coverage limits, deductibles, and the overall level of insurance protection. This certificate helps potential buyers understand the extent of insurance coverage and any potential risks associated with the property. 5. Maintenance Resale Certificate: This type of Resale Certificate outlines the maintenance history and condition of the condominium unit. It may include details about past repairs, renovations, or ongoing maintenance responsibilities. A Maintenance Resale Certificate is especially relevant for buyers who want to ensure that the condominium unit has been well-maintained and is in good physical condition. 6. Financial Resale Certificate: A Financial Resale Certificate provides a comprehensive overview of the financial aspects of the condominium association. It typically includes information about the association's budget, reserves, delinquencies, and any pending or upcoming financial obligations. This certificate helps buyers assess the condominium association's financial stability and the ability to meet its financial commitments. Keywords: Standard Resale Certificate, Special Assessment Resale Certificate, Litigation Resale Certificate, Insurance Resale Certificate, Maintenance Resale Certificate, Financial Resale Certificate, condominium association, special assessments, ongoing litigation, insurance coverage, maintenance history, financial aspects, association's budget, reserves, delinquencies, financial stability.