Under Georgia's Condominium Act (O.C.G.A. § 44-3-111), the seller of a condominium unit must furnish a resale certificate to the buyer. Which of the following is NOT required to be included in the resale certificate?
Correct Answer
D) A detailed reserve fund study prepared by an independent financial analyst
O.C.G.A. § 44-3-111 requires the resale certificate to include unpaid assessments, current/special assessments, and copies of the declaration, bylaws, and rules. It does not require an independently prepared reserve fund study.
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Previous Question
A condominium seller owes $450 in unpaid past-due association fees, $75 in accumulated late charges, and $300 for an unpaid special assessment. The current month's dues of $125 have been billed but not yet paid, and the seller is responsible for dues through the day of closing. If closing occurs on the 15th of a 30-day month, what total amount must be held in escrow to clear all association obligations?
Next Question
A buyer is purchasing a townhome in a Georgia community governed by a property owners' association. The buyer's agent is advising the buyer about what association-related information to review before closing. Which statement about resale disclosure documents in Georgia is most accurate?