What in the world is a Resale Certificate?
Most people who purchase property in a planned community have done their homework. They have researched the community in which they are interested, spoken to those area residents who are in the know, and even approached that particular community's residents, all in the hopes of finding out if this community is right for them and their family. These are the people who enter into a property purchase with their eyes wide open.
One of the requirements of any property transfer within a planned community is the Resale Certificate package. This package is required by Pennsylvania law to be given to each prospective buyer a minimum of ten days before closing. The package contains documents pertaining to the planned community: dues information, bylaws, deed restrictions, building requirements, rules & regulations, and other various financial documents. The resale package is intended to afford the buyer time to review and consider the restrictive umbrella under which the planned community operates and to decide whether he/she wishes to live under that umbrella. It is up to the buyer to request these documents if they are not freely give. Thankfully, most real estate professionals ensure that this resale package is obtained within the State-mandated timeframe. The resale certificate, along with its accompanying documents, is ordered and paid for by the property's seller. It is a cost of selling property within a planned community.
Lake in the Clouds and all other planned communities are allowed to charge a fee for the resale certificate package. This fee varies from community to community, and covers research, verification, assembly, copying, postage, and administrative time expended (to name a few) on preparing this package for release. Lake in the Clouds charges $250.00. If the transaction involves several separate properties, the fee applies to each property; if the properties are joined by deed, only one fee would apply.
When a property owner decides to sell a property, they may place the property in the hands of a professional or they may decide to sell the property themselves. In either case, a Resale Certificate must be ordered no later than one month before closing. Before releasing this package to the seller or seller's agent, a check or money order in the amount of $250.00 per lot must be paid to the office. Under no circumstances will the package be released without payment. This requirement protects the community by ensuring its administrative costs are covered for services rendered.
Lake in the Clouds welcomes any questions prospective sellers and/or
buyers may have about this process. The office is open Monday from 9am to 1pm, and Thursday from 1pm until 5pm, or may be reached
by phone at (570) 676-0900 and by fax at (570) 676-9960.