Once you have an accepted offer/signed purchase agreement, you will need to contact your association’s management company to order the Common Interest Community (CIC)/association docs for the buyer. There is somewhat of an urgency in ordering these docs as it can take up to 7-10 days to receive the docs from the association and once the buyer has received the docs from you, he/she has a ten-day rescission period to review them. The CIC Docs listed below are the docs that the seller is required to furnish the buyer with.
If you are purchasing a condo, townhome, or home in an association, you will receive Common Interest Community (CIC)/association docs from the seller. It can take up to 7-10 days for the seller to receive these docs once they have ordered them from the association. You will have a ten-day rescission period to review the docs once they have been delivered to you. The CIC Docs listed below are the docs that the seller is required to furnish the buyer with.
- Declaration of the Association
- Articles of Incorporation
- Rules and Regulations
- Any Amendments or Supplemental Declarations (if applicable)
- Resale Disclosure Certificate (current within 90 days)
- Balance Sheet of the Association (current within 90 days)
- Projected Annual Budget of the Association
If you would like additional information about CICs and disclosure requirements please refer to the Common Interest Community Addendum in the Purchase Agreement. For additional information see the Attorney General’s Information on CICs.