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What Are Connecticut Condo Resale Certificate, Bylaws & Declarations.
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June 9th, 2014
Condominium Laws in the state of Connecticut were partly enacted to protect the purchaser by requiring certain disclosures. When purchase a condo the seller must furnish you with the Declaration, association bylaws, rules and regulations and a resale document. (For condominiums greater than twelve units).
The Resale Document/Certificate is a package of disclosure documents given by the seller to the buyers of common interest ownership unit. These documents must include:
Monthly common charges
Owners’ ability to lease the unit.
Unpaid charges the seller owns the association.
Any restriction on a maximum or minimum resale amount.
The owners’ right to use or occupy the unit.
Amount of reserve for capital expenditures.
Any upcoming capital spending approved greater than $1,000.
Number of unit owners who are at least sixty days delinquent in in paying common charges.
Number of Foreclosures actions brought or pending by the association.
Each association must provide the seller wit the resale documents within 10 business days of request and the name of the contact person must be on file with the town clerk. The association fee may not exceed $125 but an extra $10 may be requested for a request within 3 business days.
If the common interest community is fully built and has 12 or fewer units then the association will not have to supply resale documents. As a buyer of a condo unit 12 or fewer units you can ask for all relative documents and make it contingent to approval on the offer.
The Declaration defines how the condo complex is structured, what common areas are and what units are private ownership.
The Bylaws are the rules that contain the procedures for conduct of the affairs of the association. The bylaws are defined in the Connecticut Condominium Act (COIA) and are the set of rules that govern the community. They are recorded at the town clerk’s office in the municipality in which the complex is located.
To read more on Connecticut Condominium Laws please see links below:
Ct Consumer Protection ~ FAQs Condominiums.
Connecticut Law About Condominiums ~ CT Jud Branch.
Newsletter ~ Connecticut 12 or Less Condo Unit.
DMK Real Estate is a full service license Connecticut Real Estate Broker firm that serves lower Fairfield County. With lower overhead costs DMK Realty can fulfill buyers and sellers needs locally and on the internet at lower costs compared to the larger national brands.