First, this is for Condomiuns NOT Home Owners Associations. And the Contract Condominium Rider must have the correct box cheched “requesting” the following documents from the Seller. That said, the short answer is…there is no specified time for the Seller to provide these to the Buyer. BUT…
According to the rider, and state laws, the Seller must provide: CURRENT declaration of condominium, articles of incorporation, bylaws, and rules of the association, and a copy of the most recent year-end financial information, and the frequently asked questions and answers document. It is best to get these from the association or management company as if they are not complete the the Buyer could have an “out”. Also, the statute does NOT specify the format of these documents. If the Buyer accepts an electronic copy then great. Otherwise it must be a printed hard copy. And in either case get a Receipt of Condominium Documents form signed by the Buyer. Because…
The Seller of residential condominium resale does NOT have a set amount of time in which to provide condominium documents to the buyer. HOWEVER, note that the Buyer’s three-day right to cancel BEGINS once the Buyer has received a FULL and COMPLETE set of the documents, so it is in the best interest of the seller to provide these documents as soon as possible. And, make cure everything is up to dat and complete.
