Sale or Lease of Condominium Unit or Garage

POM III Policy Letter P-1

June 1, 2008

Policy:

The association board should be notified of any change in ownership or occupancy of a condominium unit or garage. This notification should be accomplished in a timely manner.

The co-owner of record is responsible for insuring the Property Manager is notified of the pending sale or lease and contact information on purchaser. Until the Property Manager is notified and provided with all necessary information, the selling co-owner will be responsible for monthly assessments and any other costs attributable to the unit.

Procedure:

The following guidelines insure the new occupant of an existing condominium unit will be advised of association policies regarding assessments and other matters.

1. The existing co-owner is required to notify the Property Manager of an intention to sell or lease by providing the listing realtor's name, phone number and broker. The co-owner will also provide the listing realtor with the Property Manager's name and phone number. The Seller will ask the realtor to contact the Property Manager.

 

2. The co-owner will provide the realtor a copy of association governing documents which include The Master Deed, Condominium By-laws, and Association By-laws. If the co-owner has misplaced his/her governing documents, a set can be provided at a cost to the seller, or by requesting a copy at the county courthouse, at co-owner’s expense.

 

3. The co-owner will notify the Property Manager once a purchase agreement has been signed and a pending sale or lease is under contract. The listing realtor or Seller must notify the Property Manager of the date, time and place of closing and provide the name, address, and phone number of the Buyer to the Property Manager for the Association records.

 

4. Once the closing has taken place, the co-owner will provide the buyer or new occupant with the necessary information for the new occupant to contract the Property Manager or President of the Association.

 

5. The Property Manager will provide notification to previous owner stating that the previous co-owner is no longer responsible for the monthly assessment and any other assessments or cost attributable to his/her unit.

 

6. The Property Manager will make contact with the buyer once the closing has taken place and proper information has been given to new occupant by the previous co-owner or realtor. The Property Manager or President of the Association will schedule a newcomer orientation for the new occupant(s).

 

Questions regarding this policy should be directed to the Association Property Manager.