If you’re buying a condo, townhome is property that has an association in Vermont, one of the most important documents you’ll review is the resale certificate package.
So what exactly is it?
In a Vermont association related transaction, the resale certificate package is a collection of documents provided by the association to a prospective buyer.
It gives a clear picture of the financial and legal standing of the association, and how it may impact the property you’re purchasing.
Here’s what is typically included:
✔️ The association’s declaration, bylaws, and rules & regulations.
✔️ Current operating budget and financial statements.
✔️ Information about monthly dues and what they cover.
✔️ Status of reserve funds.
✔️ Pending or anticipated special assessments.
✔️ Insurance coverage details.
✔️ Meeting minutes (often from the past 1–2 years).
✔️ Disclosure of any pending litigation involving the association.
✔️ Confirmation of the seller’s account status (are dues current?)
Why does this matter?
Because when you purchase a condominium, you’re not just buying the unit, you’re becoming part of a shared community with financial and governance obligations.
The resale package helps you understand:
• The association’s financial health.
• Whether fees may increase.
• If major repairs or assessments are on the horizon.
• Any restrictions that could affect your use of the property.
In Vermont, buyers typically have the right to review these documents before moving forward, so it’s essential to read them carefully and ask questions.
A well-reviewed resale certificate package can help you make an informed decision and avoid surprises after closing.
As always, consult with your real estate professional and closing attorney to ensure all required documents are received and properly reviewed during your transaction.
Mark Montross
85 Prim Road, Suite 202
Colchester, VT 05446
802-825-1353
[email protected]