In order to sell a condo (even back to yourself!) lenders require a resale package that includes all the relevant information pertaining to that building.
New buyers will pay close attention during a required review period (three days!), during which they can exercise due diligence in evaluating the health of the building from a financial, governance, and facilities perspective.
Roost DC maintains a relationship with Homewise to provide those packages which include:
- Bylaws and other governing documents
- Financials
- Budgets
- Meeting minutes
- Reserve studies
- House rules
- Delinquency or violations issues
The documents are stored and available through the Homewise tool and buyers/owners pay a modest fee to have orders filled. Associations are responsible for ensuring packages are provided within 10 business days after they are ordered. In some cases, buyers or lenders will ask that they be rushed. Roost DC helps to provide these resale/refinance packages but there are some elements we may need to capture from Board Members. Collaboration during this time is essential so transactions can move smoothly.
Board Education and Tools