What essential information is included in the Condominium Resale Certificate?

The Condominium Resale Certificate is a crucial document that provides prospective buyers with significant information about the condominium association and its financial status. Inclusion of comprehensive details in the certificate is vital for ensuring that buyers have a clear understanding of the ongoing financial obligations and health of the condominium.

This certificate typically contains the annual association fees, which inform the buyer about the regular costs they will incur as part of ownership. The operating budget is also included, offering insights into the financial management of the association, highlighting expected income and expenditures. Moreover, contributions to the capital reserve account are addressed, which are essential for future repairs and improvements, providing potential buyers with an understanding of the association’s long-term financial strategy.

Thus, having all of these elements—annual fees, the operating budget, and capital reserve account contributions—ensures that buyers are well-informed about the financial commitments and overall financial health of the condominium association prior to completing a purchase. This comprehensive view is why the choice that encompasses all of these aspects is the correct answer.