Resale Package

Resale Package

What is a Resale Package?

Homeowner Associations are governed by a series of documents that detail the responsibilities of the homeowner and the Association to provide services. Anyone purchasing a home in a Homeowner Association is entitled to have those documents prior to closing on the purchase of their new home. The Resale Package is the method selected by the Maryland legislature to ensure that new home buyers are aware of their obligations and status of the Association.

The Package includes a complete set of recorded documents that govern the Association such as the Articles of Incorporation, Declaration, By-laws, the rules, regulations, and architectural guidelines of the community. This package also contains a disclosure certificate that gives the buyer information regarding any special assessments or other fees applicable to the property as well as information on any pending litigation matters, known physical problems with the property and any architectural compliance issues. Also included are a list of Association points of contact, a current budget, and a profit & loss statement for the Association.

Why should I purchase a Resale Package?

It is a legal obligation of the seller to provide the information contained in the Package to the buyer, unless the buyer waives his rights. Should the seller not provide this information to the buyer within the time period set forth by Maryland law, the buyer could void the contract of sale. Your complete obligation is detailed in the Maryland Annotated Code, and your real estate agent should be able to provide guidance in this matter. To review this for yourself, please see the Maryland Homeowners Association Act (MHAA), Real Property Article, Maryland Annotated Code, Section 11B pages 410-444. The current law is available online at https://www.oklahomaassociation.com 

Secondarily, your title company will request much of the same information contained in the disclosure certificate that we prepare prior to settlement. Unfortunately, many title companies will wait until only a few days before your settlement date to request this information. If you’ve already purchased a Package, then we typically respond immediately to the title company with this legal information when requested, as we will have already researched everything in advance. If you do not buy a Package, we will need to do this research when contacted by the title company. Due to personal schedules of the volunteer HOA Officers, nobody may be available to respond to the title company in the time given, which may delay your settlement date.

When should a Resale Package be ordered?

Some of the information in the resale package is time sensitive, especially the information that pertains to the financial condition of the Association. Therefore, it is not a good idea to purchase the resale package months in advance. Maryland law requires that the packet of information be provided at, before, or within twenty (20) days of entering into a contract of sale for a home in a Homeowners Association.

Does the Package expire?

No, however the resale disclosure certificate portion of the Package is only valid for thirty (30) days from the date of preparation. 

Where do I get a Resale Package?

Oklahoma Association, Inc. provides homeowners selling their homes with Resale Packages for a fee.

How much do Resale Packages cost and who is responsible for the cost?

Resale packages are not an Association expense. The seller of the home is responsible for the cost. Oklahoma Association, Inc. offers the following options when purchasing a 

Resale Package:

1. Package completed within 20 days of receipt of payment: $25.00

2. Package completed within 14 days of receipt of payment: $40.00 or

3. RUSH package completed within 7 days of receipt of payment: $75.00.

The fee covers the costs associated with preparing the package such as materials, copying and mailing expenses in addition to any necessary research required to ensure accuracy of the information in the Package.

How do I order and pay for the Resale Package?

We will begin processing your Resale Package upon receipt of payment. We accept payment by cash or check, and payment can either be mailed to the address below or delivered in person to any Officer. We will deliver your Package to your home or mail it to an alternate location at no extra charge.

You may contact us by email at info@oklahomaassociation.com (with email subject as RESALE Package) if you have any questions or special instructions such as an alternate mailing address. Checks should be made payable to Oklahoma Association, Inc and mailed to:

Oklahoma Association, Inc

PO Box 220

Eldersburg, MD 21784-0220