Under the Georgia Condominium Act (O.C.G.A. § 44-3-111), a seller must provide a resale certificate to a prospective buyer of a condominium unit. Which of the following best describes the statutory requirements regarding this certificate?
Correct Answer
A) The association must provide the certificate within 10 days of the request, and the fee is capped at the amount established by statute
O.C.G.A. § 44-3-111 requires the association to furnish a resale certificate to the unit owner (or their authorized representative) within a specified time frame, and the statute limits the fee that may be charged. The certificate must include information such as outstanding assessments, the association's current budget, pending special assessments, and any known litigation. This statutory framework ensures buyers receive critical financial information about the association before completing the purchase.
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Previous Question
A Georgia licensee is advising a buyer about potential risks in a homeowners association community. The buyer asks whether concerns about unpaid dues and pending special assessments should be treated the same way as property stigma issues under Georgia law. How should the licensee correctly categorize these concerns?
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Agent Rebecca is handling a condominium sale in Valdosta where the association's insurance policy has a $25,000 deductible per unit for certain types of damage. The current owner has never purchased additional coverage. What disclosure obligation does this create?