Resale Package contents and requirements can vary from State to State, so in this article we will talk specifically around information and legal requirements in the state of Minnesota.

What is a Resale Package?

A Resale Package is a packet of important information that is provided to a buyer of a home that is within a community management association.  The package will include a full set of the associations governing documents, recent financials and budgetary information, insurance information, as well as the resale disclosure certificate. The goal of a resale package is to be sure that homebuyers are aware of their obligations within the community they are moving into, as well as the overall financial health of the community.

Why are Resale Packages important?

According to Minnesota State Statute 515B.4-107 it is a legal requirement of the selling party to provide this package with all necessary information.  Failure to provide all required information can result in a sale falling through, or major future issues for the buyer should they not have been notified of community restrictions.

Resale Disclosure Packages are updated, reviewed, and prepared each time an order is placed for that individual unit.  It is not a simple document that just takes “pushing a button” but a custom, time sensitive document.  Due to the time it takes to prepare a package, as well as the liability that is assumed by the party preparing this package, you will often see a charge for this service.  Typically, the seller of the home is responsible for the cost of the Resale Disclosure Package as it is an expense for the individual unit. 

If you are a seller looking to sell your home and you have any questions about resale disclosure package, reach out to us at RowCal today!