Resale Certificate. Canyon Park Townhomes. # Question Response

Transcription

1 Current Owner: Heather Maiefski Property Address: nd St SE Unit: L-1 Bothell, WA Requestor Name: Heather Maiefski Requestor Phone: Date Prepared: This Resale Certificate has been prepared in accordance with the requirements of RCW (Section of the Washington Condominium Act) on the Association by the undersigned authorized agent or officer of the Association and its respresentatives (the "Preparer"). The information stated herein is based on the books and records of the Association and the actual knowledge of the Preparer. Neither the Association nor the Preparer guarantee the accuracy of the information contained herein. The information contained herein is as of the date of execution stated above(the "Date Prepared") and neither the Association nor the Preparer assume any obligation to supplement or update the information contained herein should any change in circumstances thereafter occur or be brought to the attention of the Association or the Preparer. Please review RCW and the Seller and Buyer's responsibilities relative to the Washington State Condominium Act. New Buyer is obligated to read and review ALL documents pertaining to the Association. This includes ALL attachments. It is the buyer's responsibility to understand the governing documents as well as the Fees and Fines, Move in and Out Fees,Reserve Study, Budget, New Carbon Monoxide Detector Law, Reserve and Budget Disclaimer and all rental/leasing restrictions. 1. DECLARATION (Copy attached) a. The Declaration for the Condominium(the "Declaration") was recorded in the real estate records of: 2. BYLAWS (Copy attached) a. The Bylaws for the Association are dated: 3. RULES AND REGULATIONS (Copy attached) a. The Rules and Regulations for the Association are attached. Snohomish County, WA August 14th, 1995 February 1, Any Rights of First Refusal. 5. ASSESSMENTS a. The current monthly common expense assessment (dues) against the Unit is ($): b. As of the Effective Date of this Certificate, there are common expense assessments, excluding any Special Assessments or Supplemental Budget Assessments disclosed below (refer to question below for Special Assessment and Supplemental Budget Assessment amount(s)owing), which have been assessed against the Unit, are currently due and payable, but are as yet unpaid in the amount of ($): c. Special Assessments and Supplemental Budget Assessments, including sums/payments which are not yet due, have been levied against the Unit in the total amount of ($): Page 1 of 8

2 Of that amount, currently due now and payable is ($): 6. DELINQUENT ASSESSMENT RECEIVABLES As of the last day of the month prior to the current month, common expense assessments or Special Assessments/Supplemental Budget Assessments against any unit in the condominium that are past due over thirty days by ALL homeowners are as follows. (The is the entire sum of all delinquent units in the Association and IS NOT for this individual unit) Aggregate total for ALL units): 7. DELINQUENT ASSOCIATION OBLIGATIONS As of the last day of the month prior to the current month there are obligations (past due unpaid items) of the Association which are past due over thirty days as follows (Past due, unpaid Association bills) : 8. FINE SCHEDULE Fines for violations of the Declaration, Bylaws and Rules and Regulations of the Association are stated in the Rules. Please Review Rules and Regulations and adopted resolutions in depth and owners' responsibilities. Boards of Directors may revise and/or change and/or update the Rules and Regulations periodically. 9. FEES LEVIED In addition to the amounts disclosed above, the following fees are payable by unit owners. Per the management agreement, these fees are subject to change. This includes all fees due to SUHRCO Residential Properties that are required to process the resale of the unit: New Owner Set Up Fee-$375, Lender Questionnaires-$100-$200; Escrow/Demand Payoff-$99. The Association may have a Move In Fee due to Buyer. All new owners will be charged a $10.00 coupon processing fee. BOARDS OF DIRECTORS MAY REVISE THE RULES AND REGULATIONS AND INCREASE FEES AND FINES PERIODICALLY. Resale Certificate-$275; Late Charges: $50.00 after the 10th day of the month. 10. ANTICIPATED REPAIRS AND REPLACEMENTS Are there any anticipated repair or replacement costs in excess of five percent of the annual budget of the Association that have been approved by the Board of Directors? 11. RESERVES FOR REPAIRS AND REPLACEMENTS a. The Association has in reserves for repair or replacement of the common elements or portions thereof a deposit of ($): c. The reserves of the Association are maintained in segregated accounts requiring the signature of two Association officers or directors for withdrawals as required by RCW ANNUAL FINANCIAL STATEMENTS The most current audited annual financial statement is attached (December previous year). 13. PERIODIC FINANCIAL STATEMENTS (Copy attached) Attached hereto are a balance sheet and a revenue and expense statement of the Association prepared on an accrual basis, which are current within 90 days of the date of this Certificate PLEASE REVIEW RULES AND REGULATION S FOR ENTIRE FEE/FINE SCHEDULE yes ATTACHED ATTACHED 14. BUDGET The current operating budget is attached. ATTACHED Page 2 of 8

3 This information is provided by SUHRCO Residential Properties, LLC for your benefit only and must not be disclosed without the prior written consent of SUHRCO Residential Properties, LLC. The view or opinions expressed are the author's own and may not reflect the views or opinions of SUHRCO Residential Properties, LLC. All information is indicative only, and information may be based on assumptions and market conditions which may change without notice. part of the information is to be construed as a guarantee of performance. Except as provided by law, no member of the SUHRCO Residential Properties, LLC makes any warranty or guarantee as to the accuracy or suitability of this information and accepts no responsibility for errors or misstatements, negligent or otherwise. 15. Are there any unsatisfied judgments against the Association or any pending suits or legal proceedings in which the Association is a plaintiff or defendant? 16. INSURANCE (Insurance Information attached) a. Attached hereto is a summary of any insurance coverage provided for the benefit of unit owners. If the unit owner needs their unit and lender (mortgagee clause) added to a certificate, you must contact the insurance agent directly. b. The insurance agent holding the Association's Master Insurance Policy and Fidelity Insurance Policy is: Farmers Amy Schoonover ATTACHED Please note: SUHRCO Residential Properties, LLC is not a licensed insurance agency. Please direct all insurance questions to the insurance agency for this property. New owner/buyer must purchase a personal insurance policy to insure personal property. 17. NON-CONFORMING UNIT ALTERATIONS Are there any known non-conforming unit alterations? See Exhibits 17 & 19 below. Minutes 18. DECLARANT OWNED UNITS AND CONTROL a. As of the Effective Date of this Certificate, are there any units still owned by the Declarant? b. Control of the Association was transferred by the Declarant to the unit owners on: CODE VIOLATIONS Are there any conditions which are in violation of applicable codes? See Exhibits 17 & 19 below. 20. LEASED PROPERTY Are there any leases, the termination or expiration of which may terminate the Condominium or reduce its size? See Comments 21. NATURE OF INTEREST The title of the Unit is held as: Fee Simple Page 3 of 8

4 22. UNIT SALES AND OCCUPANCY a. The following is the unit sale and occupancy information: Please note that this is not a statutory question per RCW We are providing it as a courtesy to the Seller, Buyer and Lender but the numbers are based on information obtained from the Association and SUHRCO cannot warrant its accuracy. 85% Owner Occupancy based on numbers provided by the Association. Please note: The provided numbers regarding occupancy are not a statutory requirement per RCW We are supplying the information as a convenience to the buyer/seller/lender. They are accurate to the best of our knowledge but are dependent on information provided by the homeowners and the Association. b. Does any single entity have 10% or more voting rights? 23. COMMON AREAS Do the unit owners have sole ownership interest in and the right to the use of, the common elements and limited common elements in the Condominium? 24. COMPLETION OF CONSTRUCTION Are the units, common elements and limited common elements completed for all phases? 26. CONVERSION Was the Condominium created by conversion to condominium status of an existing building occupied by tenants? 27. NON-CONFORMING USE Does the Condominium constitute a legal non-conforming use? See Exhibits 17 & 19 below. 28. PROFESSIONAL MANAGEMENT a. The Condominium is managed by a professional management company. A copy of the management contract is available for review upon request. b. The management agent is: SUHRCO Residential Properties, LLC SUHRCO Residential Properties th Ave. NE., Suite 100 Bellevue, WA c. The term of the management contract is: ONE YEAR d. Does the termination of the management contract require payment of a penalty or advance notice of more than 90 days? 29. QUALIFIED WARRANTY. Are the common elements covered by a qualified warranty under RCW Chapter 64.35? 30. RESERVE STUDY. NOTE: If this Association does not have a current reserve study. The lack of a current reserve study poses certain risks to you, the Purchaser. Insufficient reserves may, under some circumstances, require you to pay on demand as a special assessment, your share of common expenses for the cost of major maintenance, repair, or replacement of a common element. If this Association does have a reserve study, please review in depth the components, the life of the components and the percentage reserves funded. Yes Yes Yes Page 4 of 8

5 31. DOCUMENTS ATTACHED. (Initial Below for Each Document Enclosed.) Owner Initials Condominium Declaration Bylaws Rules and Regulations Audited Financials Periodic Financial Statement Current Operating Budget Insurance Summary Reserve Study Per RCW , the Seller and Buyer of the unit must sign this form to verify issuance and receipt of this information. Seller's Signature Buyer's Signature STATUTORY NOTES: RCW requires every condominium association, within ten days after a request by a unit owner, to furnish a certificate containing the information provided above, together with any other information reasonably requested by mortgagees of prospective purchasers of units. Information requested generally by FNMA, FHLMC, GNMA, the VA and HUD is deemed reasonable, provided such information is reasonably available to the association. The information requested in items 21 through 29 is information generally required by mortgagees of prospective purchasers in this State and those items are included in this Resale Certificate form to avoid the necessity of associations filing out a multiplicity of different forms. The selling unit owner is also required by RCW to sign this Certificate, but is not liable to the Buyer for any erroneous information provided by the Association and included in the Certificate unless and to the extent the Unit Owner had actual knowledge of that erroneous information. A Buyer is not liable for any unpaid assessment or fee against the Unit as of the Effective Date of this Certificate greater than the amount set forth in the Certificate unless and to the extent the Buyer had actual knowledge that a greater amount was due. Buyer is cautioned to contact the Association at the address below prior to closing of the sale for updated payoff amounts to avoid liability for amounts assessed against the Unit after the Effective Date of this Certificate. A unit owner is not liable to a Buyer for the failure or delay of the Association to provide a Resale Certificate in a timely manner, but the Buyer's contract is voidable by the Buyer until the Certificate has been provided and for five days thereafter or until conveyance, whichever occurs first. This Certificate is prepared by the managing agent of the Condominium Association, who is authorized to make this Certificate on behalf of the Association. To the best of our knowledge and belief, the foregoing is correct. SUHRCO Residential Properties, LLC as Managing Agent by contract for the Association. Preparer: Annette C. Cox on behalf of SUHRCO Residential Properties, LLC Page 5 of 8

6 Contact Information The information above was obtained by the following representative of the project's Homeowners Association Name: Annette Cox Title: Manager of Administration Phone: Date: Signature Page 6 of 8

7 Comments Question #18 THE BOARD OF DIRECTORS CAN MODIFY/REVISE THE RULES AND REGULATIONS PERIODICALLY. RESALE CERTIFICATE EXHIBITS 17 and 19 Exhibit #17: n-conforming Alterations SUHRCO and the Board of Directors have not inspected the unit in question and are not aware of any alterations or improvements to the unit or the limited common elements that violate any provisions of the Declaration. If changes have not had prior Board approval, the owner of the unit may be required to make changes necessary to return it to its original condition. It is recommended that the purchaser ask the owner/seller of the unit in question whether they have made any changes that may not conform. Exhibit #19: Code Violations SUHRCO and the Board of Directors have not inspected the unit in question and are not aware of any violations of health or building codes with respect to the unit, the limited common elements assigned thereto, or any other portion of the condominium. It is recommended that the purchaser ask the owner/seller of the unit in question whether they know of any health or building code violations. The Board of Directors has not inspected the unit in question and is not aware of any changes to the ownership of the parking stall or storage spaces assigned to the units other than those recorded as an amendment to the Declaration. The Declaration sets forth specific steps required before any changes on ownership of parking stalls or storage spaces are recognized by the Association. Please be advised that if there are parking stalls or storage spaces that are not assigned to the proper unit, the owners of the units involved will be required to strictly comply with the Declaration, which may include either returning ownership of the parking stall and storage unit to those recognized in the Declaration as the owner, or recording a document upon the agreement of all parties (and approval of the Board), evidencing the current ownership. It is recommended that the purchaser ask the owner/seller of the unit in question whether they have made any changes of parking stalls or storage units. RESALE DISCLAIMERS NEITHER THE ASSOCIATION NOR THE MANAGING AGENT AND ITS REPRESENTATIVES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY, WITH RESPECT TO THE INFORMATION CONTAINED HEREIN. NEITHER THE ASSOCIATION NOR THE MANAGING AGENT HAVE RESEARCHED OR INVESTIGATED ANY INFORMATION CONTAINED HEREIN AND ARE RELYING ON CURRENT ACTUAL KNOWLEDGE AND A REVIEW OF ATTACHED DOCUMENTS ONLY. THE ASSOCIATION, MANAGING AGENT AND ITS REPRESENTATIVES EXPRESSLY DISCLAIM ANY AND ALL LIABILITY FOR ANY AND ALL LOSSES, DAMAGES, OR CAUSES OF ACTION INCURRED BY ANY BUYER OR SELLER, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR INCIDENTAL ARISING OUT OF OR RELATING TO RELIANCE ON THE RESALE CERTIFICATE. BUYER IS INSTRUCTED TO SEEK INDEPENDENT LEGAL, FINANCIAL AND/OR OTHER PROFESSIONAL COUNSEL WITH ANY QUESTIONS OR CONCERNS, AT BUYER'S EXPENSE. The Client/Requestor agrees, to the fullest extent permitted by Washington State Law, to limit the liability of the Management Company and its employees and/or Association officers, directors, partners and Association employees to any and all claims, losses, costs, and damages of any nature whatsoever or claims expenses from any cause or causes, Page 7 of 8

8 including Attorneys fees and costs and expert witness fees and costs as a result of the above documents content, so that the total aggregate liability of the Management Company and its employees and/or Association officers, directors, partners and Association employees and to all those named shall not exceed the cost paid by Client/Requestor for these services rendered. Page 8 of 8