Buyer Due Diligence Services for Condominium Sales
Skyline Realty is committed to ensuring a smooth and transparent condominium sales process. As part of this commitment, we provide essential documentation and disclosures required for buyer due diligence. These documents are critical for meeting state and association requirements and ensuring buyers have all necessary information about the condominium and association.
What Do Buyer Due Diligence Services Include?
Our services typically include:
- Resale Certificate (Separate Charge)
A detailed document summarizing the financial and legal standing of the unit within the association. - Governing Documents
Copies of the master deed, bylaws, rules, and regulations of the association. - Financial Information
Key documents such as the operating budget, reserve studies, and association financial statements. - Compliance Verification
Confirmation of the unit’s compliance with association dues, assessments, and other obligations. - Administrative Support
Assistance in addressing additional inquiries related to the transaction.
Included with Buyer Due Diligence Orders:
- Report of Any Pending Special Assessments or Planned Improvements
Information on upcoming projects or financial assessments that may impact the unit owner. - Pending Legal Matters
Disclosures about any ongoing or anticipated legal actions involving the condominium association. - Historical Property Information
Background information on the property, including past improvements, special assessments, or notable issues.
How to Request Documents
To request documents, please visit our Request Documents page at the link below:
https://skylinerealty.com/association-management/request-documents/
Steps to Access the Document Request Form
- Request a secure token to access the form.
- Complete the form with the necessary details about the sale.
- Submit your request for processing.
Important Notes
- The Resale Certificate is billed as a separate charge.
- All fees and charges are outlined in the request form after accessing it with a token.
- Requests will be processed within the specified timeframe after submission and payment.
Who Pays for Buyer Due Diligence Services?
In most cases, the seller is responsible for paying the fees associated with buyer due diligence. This includes the cost of the resale certificate and other required documents.
Why Does the Seller Pay?
- Legal Obligation: Sellers are required to provide buyers with accurate and complete disclosure of the property and association details.
- Part of Closing Costs: These fees are typically considered a standard component of the seller’s closing expenses.
- Transparency to Buyers: The documents help buyers make informed decisions and understand the obligations they are assuming.
While it is standard practice for the seller to pay, the buyer and seller may negotiate responsibility for these fees as part of their purchase agreement.
When to Begin the Process
We recommend starting the buyer due diligence process only after the purchase and sale agreement (P&S) is signed, as all fees are nonrefundable once the request is submitted. This ensures that the sale is far enough along to avoid unnecessary fees in the event of a change in circumstances.
While it is standard practice for the seller to pay, the buyer and seller may negotiate responsibility for these fees as part of their purchase agreement.
Contact Us
If you have questions about the document request process or need assistance, please contact our team.