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7. WHAT DOES A BUYER DO
WITH A RESALE PACKAGE?
Once a buyer receives a resale package, they're expected to review it.
A buyer should review the forms in the resale package to:
• Make sure the seller doesn't have any outstanding covenant violations.
• Ensure the seller doesn't owe money to the HOA.
• Confirm the community is in good standing.
• Understand the frequency and amount of assessments.
If the buyer is satisfied with the information provided in the resale package,
has agreed to negotiations with the seller, and has signed off on necessary
inspections and other process requirements, the buyer may then close on the
house. If there are pending questions or unresolved issues, this step may be
delayed, or closing may not happen at all.
After a buyer has closed on a house, the title company prepares a settlement
package that they send to the community manager or specified entity on the
statement of account.
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