What Are Connecticut Condo Resale Certificates, Bylaws & Declarations?

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Real Estate Broker/Owner with DMK Real Estate Ct RE Broker 0789963
http://actvra.in/4pLf

What Are Connecticut Condo Resale Certificates, Bylaws & Declarations?

The Connecticut Condominium Laws was enacted partly to protect the purchaser by requiring certain disclosures. In order to purchase a condo the seller must furnish you with the Declaration, association bylaws, rules and regulations and a resale document. (For condominiums greater than twelve units).

The Resale Document/Certificate is a package of disclosure documents given by the seller to the buyers of common interest ownership unit. These documents must include:

  • Monthly common charges
  • Unpaid charges the seller owns the association.
  • Any restriction on a maximum or minimum resale amount. 
  • The owners’ right to use or occupy the unit. 
  • Owners’ ability to lease the unit. 
  • Amount of reserve for capital expenditures.
  • Any upcoming capital spending approved greater than $1,000.
  • Number of unit owners who are at least sixty days delinquent in in paying common charges. 
  • Number of Foreclosures actions brought or pending by the association. 

Each association must provide the seller wit the resale documents within 10 business days of request and the name of the contact person must be on file with the town clerk. The association fee may not exceed $125 but an extra $10 may be requested for a request within 3 business days.

 

*** If the common interest community is fully built and has 12 or fewer units then the association will not have to supply resale documents. As a buyer of a condo unit 12 or fewer units you can ask for all relative documents and make it contingent to approval on the offer.

 

The Declaration defines how the condo complex is structured, what common areas are and what units are private ownership.

 

The Bylaws are the rules that contain the procedures for conduct of the affairs of the association. The bylaws are defined in the Connecticut Condominium Act  (COIA) and are the set of rules that govern the community. They are recorded at the town clerk’s office in the municipality in which the complex is located.

 

To read more on Connecticut Condominium Laws please see links below:

Ct Consumer Protection ~ FAQs Condominiums.

Connecticut Law About Condominiums ~ CT Jud Branch.

Newsletter ~ Connecticut 12 or Less Condo Unit.

 

 

This article has been written by David Popoff.

 

  David Popoff | Broker 

   Direct Line: 203-228-0646 

Website: www.dmkpropertymanagementllc.com

E-mail: DavidPopoffCt@hotmail.com

DMK Real Estate is a full service license Connecticut Real Estate Broker firm that serves lower Fairfield County. With lower overhead costs DMK Realty can fulfill buyers and sellers needs locally and on the internet at lower costs compared to the larger national brands.

 

 

David Popoff is a license Connecticut Real Estate Broker specializing in Sustainability in lower Fairfield County, Connecticut.

 

DMK Property Management llc a locally owned company serving lower Fairfield County, Connecticut.

 

 

Posted by

David Popoff
Connecticut Licensed Real Estate Broker
Realtor® Green
Seller Representative Specialist
Accredited Buyer Representative
candidate
LEED AP Homes

 

DMK Real Estate, Darien, CT.
Cell (203) 228-0646
DMKrealestate.com

 

 

 

DMK Realty, 06820 

 

 

 

 

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Rainmaker
2,013,489
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning David. Nice job with your post about a very important topic. Should be read by every prospective condo buyer.

Feb 13, 2014 06:36 PM #1
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Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

Well done, Dave!   I shared this with my agents- lots of great information here!

Feb 15, 2014 08:00 PM #2
Rainmaker
746,671
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

 Educated consumer are our best customers  :-)

Feb 15, 2014 09:39 PM #3
Rainmaker
348,352
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

I bookmarked this article.  It has all of the pertinent information that one would want to know about Connecticut condominium law.

Mar 01, 2014 02:10 AM #4
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David Popoff

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