Resale Package FAQ

What is a resale package?

Resale packages are a vital part of real estate transactions within mandatory deed restricted neighborhoods, such as Lake County Estates and Secret Harbor. A resale package works to protect all parties involved and allow for a smooth transaction. While a Realtor may be able to provide information on LCPOA in general and share that with the buyer ahead of the contract being signed. They may not have access to all of the information about the specific property being purchased. It is not in the best interest of any of the parties to have a surprise pop up at closing, leaving potential to delay or derail the purchase all together, for example: pending violations and/or unpaid violations that the buyer may be responsible for if not negotiated at closing.

A resale package has two parts.

1. The actual resale certificate – The resale certificate is specific to the property being purchased. It includes general information about the POA and a statement of account including any pending violations and/or unpaid violations.

2. The governing documents for the association: bylaws, mandatory deed restrictions, rules and regulations pertaining to the use of amenities, and neighborhood maps.

At what point in the purchase process does the resale package come into play?

A resale package is generally ordered after the purchase contract is signed.

Why is it important for the buyer to have this information?

The resale package lets the buyer know all about the neighborhood they are joining, from of the mandatory deed restrictions that they must follow as a resident of Lake Country Estates and Secret Harbor, to membership options in LCPOA and available amenities. It also clearly informs them of any pending violations and/or unpaid violation fees that may be passed onto them, as the new homeowner. When the buyer is aware of such issues, they have the opportunity to negotiate them at closing. Provided the specific property is in good standing with LCPOA, the buyer will have peace of mind knowing that the seller has taken care of all of their obligations pertaining to the mandatory deed restrictions.

Why is it important for the seller to have this information?

For the seller, a resale package will provide proof of their balance and good standing with the association. This can prevent delays in the closing process and help to ensure the sale of their home goes smoothly.

How do I order a resale package?

Ordering the documents is easy for anyone involved in the purchase, the buyer, seller, Realtor, closing agent or lender can order a resale package by clicking here.

Is there a cost?

Yes. The administrative fee charged by LCPOA for the provision of a resale certificate is $100.00. Payment can be made through the website or by mail.

It’s important to understand that, although there is a cost, it is an investment in peace of mind for everyone involved. Resale certificates ensure transparency and reduce liability by ensuring that all parties are aware of their obligations.