The Minnesota Common Interest Ownership Act (Statute 515.B) which governs Brandychase at Shepard Park Condominiums requires that a Resale Disclosure Certificate be provided by the Association to a prospective buyer after they have signed a purchase agreement. The Statute gives the buyer a ten-day rescission period after receiving the Certificate, unless the purchaser agrees to waive the 10-day period, which they can’t do until after receiving the Certificate. The purpose for providing this information to prospective buyers is so that they will be more informed about the Association’s financial health, insurance coverages, any architectural violations involving the townhome they are buying, etc.
There is a charge of $200 payable to Omega Management for providing this information. To obtain a Certificate, please contact Carol Crosby via email at email@example.com or at 763.512.4331. For your convenience, Omega accepts Visa or MasterCard in addition to payment by check. (Please note that this charge cannot be added to your monthly bill from the Association.)
Since a Certificate is valid for only 90 days, you will probably not want to order the Certificate until you actually have a signed offer for your townhome. The Statute allows ten days to provide the Certificate from the date the request has been received, although requests are typically handled sooner than that. If it is a “Rush,” the Certificate can be obtained within one business day for an additional $50 charge to expedite the Certificate. The Certificates can be picked up in person at the offices of Omega Management, sent via U.S. Mail, or electronically via email.