A Resale Certificate is a set of documents and disclosures that is assembled by a Condominium Owners Association. The resale certificate is provided by the seller to prospective buyers. In Washington State, a resale certificate is require by law.
Resale certificates contain a variety of information about a condo complex. It contains legal documents that describe the formation of the condominium and how it operates, known as its CC&Rs. It also includes detailed financial reports on how the condo association collects and spends its money. A resale certificate will also outline the rules & regulations for a particular condo, along with meeting minutes from recent condo association meetings (for an additional fee).
When purchasing a condominium, it is critical to review the resale certificate to understand the structure, rules and operation of the condo association. It is also a source of information for determining if the association has legal, financial or maintenance issues that need to be addressed.