Condominium Resale Certificate {32-5}

TREC NO. 32-5 - CONDOMINIUM RESALE CERTIFICATE (Section 82.157, Texas Property Code). This form promulgated by the Texas Real Estate Commission, is used when a unit in a condominium is being sold. This certificate is prepared by the condominium owners’ association (or its board) and provides the buyer with important information about the unit and the financial and legal status of the condominium project. It discloses whether the declaration includes any restrictions on the transfer of the unit, the amount of regular and special assessments, any unpaid fees by the seller, and the association’s budget, reserves, pending legal matters, or violations. It also includes details on insurance coverage, judgments against the association, capital expenditures, and managing agent contact information. The form outlines any association fees due upon transfer and contributions to capital reserves. Required attachments such as the operating budget, insurance summary, and balance sheet ensure the buyer is fully informed before completing the transaction. This certificate must be current—prepared within three months prior to delivery—and is vital for buyer due diligence in condominium purchases. www.FormsWorkflow.com