What is an HOA Resale Certificate?
An HOA Resale Certificate is a financial overview of Rayburn Village Association (RVA), including the seller's current standing with RVA. The Resale Certificate gives specific information about the property being sold and where it stands with RVA; this includes any unpaid annual assessments, violation fees, past-due assessments, and all the fees that must be settled upon closing. The Resale Certificate will also include information about RVA – any pending litigation, the amount of funds RVA has in reserve, and all planned expenditures for the coming year.
The resale certificate is one of two parts of an HOA resale package. The other part of a resale package is the association's governing documents, which inform the buyer of the HOA's bylaws, covenants, and rules.
What is the purpose of the Resale Certificate?
The purpose of the Resale Certificate is to offer protection to both the buyer and the seller and RVA by; 1) allowing sellers to disclose their standing with RVA, 2) letting buyers know that RVA is financially sound, and 3) minimizing financial risk for RVA.
Should the seller have any outstanding dues, it will become the buyer's financial obligation to pay those debts after some time. In short, the resale certificate ensures compensation to RVA. On the buyer's part, the resale certificate lets them know RVA is solvent and in good financial condition.
How to Obtain a Resale Certificate?
Once a purchase contract is signed, the seller or the seller's agent is required by Texas Property Code, section 207.003, to provide the Resale certificate to the buyer. The buyer or the buyer's agent usually requests the package from the seller's agent, and the seller must legally disclose this information to the buyer.
An HOA Resale Certificate is a financial overview of Rayburn Village Association (RVA), including the seller's current standing with RVA. The Resale Certificate gives specific information about the property being sold and where it stands with RVA; this includes any unpaid annual assessments, violation fees, past-due assessments, and all the fees that must be settled upon closing. The Resale Certificate will also include information about RVA – any pending litigation, the amount of funds RVA has in reserve, and all planned expenditures for the coming year.
The resale certificate is one of two parts of an HOA resale package. The other part of a resale package is the association's governing documents, which inform the buyer of the HOA's bylaws, covenants, and rules.
What is the purpose of the Resale Certificate?
The purpose of the Resale Certificate is to offer protection to both the buyer and the seller and RVA by; 1) allowing sellers to disclose their standing with RVA, 2) letting buyers know that RVA is financially sound, and 3) minimizing financial risk for RVA.
Should the seller have any outstanding dues, it will become the buyer's financial obligation to pay those debts after some time. In short, the resale certificate ensures compensation to RVA. On the buyer's part, the resale certificate lets them know RVA is solvent and in good financial condition.
How to Obtain a Resale Certificate?
Once a purchase contract is signed, the seller or the seller's agent is required by Texas Property Code, section 207.003, to provide the Resale certificate to the buyer. The buyer or the buyer's agent usually requests the package from the seller's agent, and the seller must legally disclose this information to the buyer.
All Resale Certificate requests can be emailed to board@rayburnvillage.com.
Per Texas Property Code 207.003, RVA has 10 business days to deliver a Resale Certificate and governing documents.
Resale Certificate fee schedule;
- Resale Certificate request, $250.00 (certificate is valid for 30 days)
- Update to Resale Certificate, $75.00