Are you the owner of a Property under a Condominium or Homeowners Association?

An Estoppel certificate is a requirement when selling a condominium or home which belongs to a Homeowners association. It is provided by the association or management company, and it outlines the fees or assessments that a seller may owe. Prior to the new law effective July 1st, the charges for this document were not standardized and therefore some management companies were charging unreasonable fees.

The new law for Estoppel certificates caps the fees that a community association management companies can charge for the certificates at $250 for unit owners who are current in their assessments. An additional $100 can be charged for "expedited" estoppel certificates (delivered within three business days), and another $150 can be charged for owners who are delinquent in their assessments. This is a maximum of $500 for an expedited, delinquent estoppel certificate.

It also requires the certificate to be delivered within 10 business days and remain valid for 30 days, and standardizes the information each certificate must include. Be aware these fees are normally paid by the Seller in a real estate transaction.

Ready to buy or sell? Call me! I will guide you through the process so you can avoid delays and surprises.