Potential condo buyers receive a Resale Disclosure Certificate prior the closing of a sale of a condominium or town home. The Resale Disclosure Certificate is actually a packet of documents; included in the packet are the association’s financial documents and the condo association’s documents. Typically, the seller’s realtor must request documents from the Condominium Association and deliver them to a buyer after a purchase offer is made. Next, the buyer has a limited amount of time to review the documents prior to closing. If the buyer finds the documents to be unsatisfactory,then the buyer may cancel the sale.
The Crossings has a strong financial position and is making its financial documents available on this website. Our other association documents are also available for review online.
The Declaration
The Declaration is arguably the most important of the condo documents. It is notarized, filed with the county and is a matter of public record. The declaration will include a detailed physical description of the premises, and detailed percentages of ownership. It will specify which parts of the building and grounds are Common Elements, and which are Limited Common Elements. Finances will be discussed as well as limitations on use of units and facilities. Also included will be the procedures required to change the declaration. Declarations are generally difficult to change, so changes are made rarely. If there are any changes, they will also be recorded with the county. The Crossings condo association has changed its declaration twice. You can view those documents below.
View the Declaration and Amendments to the Declaration.
Articles of Incorporation
The Articles of Incorporation is a condominium association’s birth certificate. It specifies the name of the organization and other fundamental aspects of the association. The Crossings condo association has never changed its Articles of Incorporation.
View the Articles of Incorporation
Bylaws
The bylaws of a condominium association specify how the association is to be governed. It will specify the number of directors, the length of their terms, the positions and duties of the officers and how the bylaws may be changed. Similar to the declaration, and the Articles of Incorporation, any changes to the bylaws will require significant time and money. Changing any of these documents is likely to require lawyers and building-wide votes.
Operating Policy with Rules and Regulations
The condo’s rules and regulations are rules that govern the policies for life in the condo. They specify policies on pets, elevators, noise, etc. Typically the Board of Directors can alter the rules and regulations as they deem appropriate. This allows associations to adapt to new developments quickly without building-wide votes. For example, The Crossings condo board had amended the rules and regulations recently to ban the use of e-cigarettes in common areas and to allow people to move single items in and out on specific times on Saturday.