What is Resale Package?

Also called: Resale disclosure / condo docs

A resale package is the bundle of association documents a seller must provide a buyer, typically including the CC&Rs, bylaws, rules, budget, financials, minutes, and an estoppel certificate.

Most states require sellers in a common-interest community to deliver a resale package before closing, and many give buyers a statutory review period during which they can cancel the contract without penalty.

Contents typically include the governing documents, the current operating budget, recent financial statements, reserve study or reserve balance, insurance certificate, recent board and annual meeting minutes, disclosure of pending litigation and special assessments, and the estoppel/status statement.

Assembling these packages is a persistent workload for managers — the same documents pulled repeatedly from scattered folders. Centralizing and indexing them cuts turnaround time dramatically.

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How much time managers lose to repeat questions Melo for management companies

Related terms

Estoppel CertificateAn estoppel certificate is an association-issued statement of what an owner currently owes, provided at closing so a buyer knows the exact financial status of the property.Governing DocumentsGoverning documents are the full set of records that control an association: the declaration/CC&Rs, bylaws, articles of incorporation, plat, and board-adopted rules.Transfer FeeA transfer fee is a one-time charge collected at closing when a property changes hands, covering the administrative cost of updating association records.Meeting MinutesMinutes are the official written record of what a board or membership meeting decided, and they are generally available to owners on request.

Answers straight from your own documents

Melo tells residents what Resale Package means in your community — citing the exact page of your CC&Rs, budget, or rules.