LAS VEGAS SHORT SALES: Who has to pay for the Homeowners' Association resale package ? Short answer: The seller of the home.
This question gets ask a lot now, or some tend to totally ignore this until after the short sale has been approved by the lender. But, if you want to do a Las Vegas Short Sale be prepared that is YOU the seller who pays for the resale package, not the buyer or the lender.
Senate Bill 253 (SB 253) states, "a unit’s owner or his authorized agent shall, at the expense of the unit’s owner, furnish to a purchaser a resale package". This Bill also increased what must be in the resale package by adding, "and (e) A statement of any transfer fees, transaction fees or any other fees associated with the resale of a unit." Where does it say that? This language is in Section 8 of SB 253.
Here is the link to that statute change:
Senate Bill 253 (SB 253)
What is the Resale Package?
Remember when you bought your home you were most likely given this Huge package of documents (100 pages or more most likely) that said what you can and can't do in your neighborhood and how much the fees are, etc.....well, every time a home is sold, this MUST be provided by you the seller to the new buyer.
Your HOA/CIC charges YOU an upfront fee to provide those documents to YOU and in turn YOU must provide them to the buyer.
Most of the time now you can order this online (Contact your HOA) pay with a credit card and they email it to you as a PDF which then can easily forwarded it via email to your Las Vegas Short Sale Listing agent who in turn provides it to the buyers agent, who then emails it to the buyer or prints it out.
CALL YOUR HOA TO FIND OUT AHEAD OF TIME WHAT THE FEES ARE.
Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.
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