This is usually a shocker to the Seller at Closing. The Seller is required to convey clear title and thus the Closing Agent requests “estoppels” from the Condominium Association. These basically show that the Seller is (or is not) current on their monthly fees, if a balance is due as a condition of the required association approval of the sale and so forth.
As of July 1, 2017, there is a cap on the amount an association can charge for an estoppel certificate on the property. An association can charge up to $250 to unit owners who are current in their assessments. They can charge an additional $100 for “expedited” estoppel certificates (delivered within three business days), and another $150 to owners who are delinquent in their assessments. This is a maximum of $500 for an expedited, delinquent estoppel certificate. The new law also requires certificates to be delivered within 10 business days and remain valid for 30 days. It also standardizes the information each certificate must include so that each estoppel contains the same information.
