If you are planning on selling your property or are currently doing so, you will have to provide a disclosure certificate for a purchaser. The certificate must be obtained from the association and completed within 10 days of the request. The HOA Act describes the information that is required, but one item asks whether there are any outstanding assessments on the property. In several recent sales, the title company also contacted the board to inquire whether fees and assessments were currently paid. In order to avoid jeopardizing a sale, the TRPOA board strongly recommends that all outstanding fees and assessments be paid promptly.
One of the provisions of the HOA Act states that the association may charge a reasonable fee for preparation of the Disclosure Certificate. The association lawyer suggested, after consultation with a title agent, that $150 is a reasonable amount for an association of our size to charge. Payment for the disclosure certificate can be collected by the title company at closing.
The certificate is good for the duration of the fiscal year (i.e., through August 31 of the current year) provided no additional assessments occur. There is a one-time renewal charge of $25 for the certificate.
To obtain a certificate, please contact LeeAnn Hine, trpoa.nm.treasurer@gmail.com.
The registration for the association, required by July 2014, was filed with the Sandoval County Clerk on November 12 (Document 2013030718).