Bill > HB1500

This bill modifies existing laws concerning resale certificates for units in common interest communities, which are associations that manage shared property like condominiums or townhouses. Primarily, it updates the requirements for what information must be included in a resale certificate, a document provided to potential buyers of a unit that details the financial health and governance of the community association. Key changes include requiring the certificate to state "NONE" or "RECORDS UNAVAILABLE" for any requested information that cannot be provided, and it mandates the inclusion of all current policies, procedures, and board-approved resolutions. The bill also clarifies that the maximum fee an association can charge for preparing a resale certificate is $275, with additional provisions for updating certificates and prohibiting mandatory third-party services for payment or delivery. Furthermore, it clarifies that a buyer is not liable for unpaid assessments or fees exceeding the amount stated in the certificate, nor for violations of governing documents that the association should have known about but failed to disclose. The bill also adjusts the timeframe for a buyer to cancel a contract after receiving a resale certificate, specifying "business days" for this period. Finally, it revises the seller disclosure statement for residential real property transactions to include a question about modifications or remodeling requiring homeowners' association approval.