A Certificate of Resale (COR) is an official document prepared by the Association for the purpose of relaying information to a prospective buyer about a unit that is for sale. It is illegal for an owner to sell a Maplewood condominium without such a document. The COR is typically requested by the seller (unit owner) after a sales agreement has been reached between the seller and buyer.

From the date of execution of the sales agreement, the seller has 15 days to formally request the Certificate of Resale, in writing, from the association, and receive it, review it, and pass it onto the prospective buyer. The seller must give this document and related materials, unchanged, to the prospective buyer. From the date of the signed receipt for the Certificate of Resale, the prospective buyer has 5 days to review it, as well as read all by-laws and policies that govern ownership (see FOR OWNER).  Up to the expiration of those 5 days, the prospective buyer can void the sales agreement. After such time, the prospective buyer must fulfill the terms of the sale agreement and finalize the purchase.

In the active course of selling, realtors may request selective information prior to buyers considering an offer of purchase. The Association will provide the most updated information at the time the request is made. However, it is important to note that since the condominium is active, revisions and updates to the regulatory material can occur at any time. The most legally binding information is only the one provided within the actual Certificate of Sale and/or in connection to it (attachment or directed to website) at the time that it is issued.

CERTIFICATE OF RESALE CONTENTS

The contents of each certificate are subject to change depending on what needs to be reported for the unit for sale in question. The following is a general listing of the possible contents:

• Notice to realtor
• Notice to buyer
• Condo by-laws (or directed to website)
• Specific interests and liens related to the selling unit which are known to the Association
• Specific charges and notices regarding the Association
• Updates and Addenda
• Financial Information
• Certificate of Condominium Master Insurance

TRACKING THE CERTIFICATE

The seller (or seller’s agent) must, by law, give the COR to the buyer (or buyer agent) no later than the 16^th day from the execution of the sale agreement. It is illegal for the seller (or seller’s agent) to add, delete, or modify the COR in any manner. The buyer must sign receipt for the COR at the time it is given to the buyer. It is illegal for the buyer’s agent to add, delete, or modify the COR in any manner before giving it to the buyer. The buyer should receive materials from the Association as they were intended because the information contained in the COR, as well as the by-laws, are what are germane to ownership and determine the acceptance or rejection of the sales agreement. Buyers should be fully informed before finalizing their purchase.

REPORTING NEGATIVE AGENT BEHAVIOR

The Maplewood Condominium Association makes every effort to properly inform prospective buyers, providing both a Certificate of Resale, as well as by-laws and related information, after a sales agreement has been reached between the seller and buyer. In addition to providing the necessary documentation, the Board of Directors also conducts orientation meetings with prospective buyers at any time after the sales agreement has been reached. It is the goal of the Association to have prospective buyers make the most informed decision about investing into the condominium. Therefore, Maplewood reserves the right to report any illegal/unethical behavior on the part of a seller’s or buyer’s agent if they are found to have denied buyers from full disclosure of all communication in their unaltered entirety, from the Association.