A buyer is purchasing a townhome in a Georgia homeowners association. The buyer's agent requests resale information from the association. Which statement best describes what the association may provide and how it may be delivered?
Correct Answer
A) Resale information may be provided through certificates, disclosure packets, or other association documents, with the format and content varying by community and transaction practice.
Under the Georgia Property Owners' Association Act (O.C.G.A. § 44-3-220 et seq.) and the Georgia Condominium Act (O.C.G.A. § 44-3-111), associations provide resale information to prospective buyers, but the exact format—whether a resale certificate, disclosure packet, or collection of governing documents—varies depending on the type of community, the governing documents, and transaction practice. The key requirement is that material association information be made available to the buyer.
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When a unit in a Georgia community association is being resold, what information is typically part of the buyer's due diligence process?
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Agent Sarah is representing a buyer interested in purchasing a condominium unit in Atlanta. The seller's agent mentions that the association recently passed new pet restrictions. Under Georgia law, what disclosure requirement applies to this situation?