Pursuant to AS 34.08.590 a Resale Certificate is required for a sale of property within Memory Lakes Estates One Subdivision. Buyers are allowed 5 days to review per statute.
The Resale Certificate allows prospective buyers the opportunity to evaluate the financial stability and overall management of the Association. Here is a partial list of what a Resale Certificate contains and why it is important to review it carefully:
· Amount of dues and how often assessed;
· Pending special assessments, unsatisfied judgments or pending litigation, if any;
· Financial reports and meeting minutes;
· Pending capital expenditures in excess of $3,000 for the current and the next two fiscal years;
· Insurance coverage: Directors & Officers coverage and/or General Liability coverage for the Association, if any;
· A copy of all governing documents providing insight as to what an owner can or cannot do in the Association.
The Resale Certificate order form should be filled out and emailed or faxed to the Management Office.
We request 10 days to process.