Resale packages are essential in real estate transactions within mandatory deed-restricted neighborhoods, such as Lake County Estates and Secret Harbor. A resale package protects all parties involved and facilitates a smooth transaction. While a Realtor may provide general information about LCPOA and share that with the buyer before the contract is signed, they might not have access to all the details about the specific property being purchased. It is not in the best interest of any party to encounter surprises at closing, which could delay or derail the purchase altogether, such as pending violations or unpaid assessments that the buyer may be liable for if not negotiated closing.
A resale package has two parts:
1. The resale request for information: This document is specific to the property being purchased. It includes general information about the POA and outlines the statement of account, which covers any pending or unpaid violations.
2. The association's governing documents include bylaws, mandatory deed restrictions, rules and regulations regarding the use of amenities, and neighborhood maps.
At what point in the purchase process does the resale package come into play?
A resale package is generally ordered after the purchase contract is signed. Why is it important for the buyer to have this information? The resale package provides the buyer with essential details about the neighborhood they are joining, including the mandatory deed restrictions they must adhere to as residents of Lake Country Estates and Secret Harbor, as well as membership options in LCPOA and the available amenities. It also clearly informs them of any outstanding violations and/or unpaid violation fees that may be transferred to them as the new homeowner. When the buyer is aware of such issues, they can negotiate them at closing. If the specific property is in good standing with LCPOA, the buyer can feel assured that the seller has fulfilled all their obligations regarding the mandatory deed restrictions.
Why is it important for the seller to have this information?
For the seller, a resale package will demonstrate their balance and good standing with the POA.
How do I order a resale package?
Anyone involved in the purchase can easily order the documents. The buyer, seller, Realtor, closing agent, or lender can order a resale package by making a request to adminassist@elcpoa.org and including the information listed above.
Is there a cost?
Yes. The LCPOA administrative fee is $200.00. Payment may be made through the website or by mail.
It’s important to understand that, while there is a cost, resale packages represent an investment in peace of mind for everyone involved. They ensure transparency by ensuring that all parties are aware of their obligations.
A complimentary first calendar year of membership is included with the purchase.