Condo Media - April 2020 - 54
The Region
RHODE ISLAND
Resale Certificate
Proposed Legislation Seeks to Impose Cap for Preparation Fees
[by Mary-Joy Howes, Esq.]
The Rhode Island Condominium Act
("The Act") at Section 4.09 requires
a unit owner (unless exempted by
statute) to provide a purchaser, "before
execution of any contract for sale of a
unit, or otherwise before conveyance,"
with a certificate containing 12 items:
1
A statement disclosing the effect
on the proposed disposition of any
right of first refusal or other restraint
on the free alienability of the unit;
2
A statement setting forth the
amount of the monthly common
expense assessment and any unpaid
common expense or special assessment
currently due and payable from the selling unit owner;
3
4
A statement of any other fees payable by unit owners;
5
A statement of the amount of any
reserves for capital expenditures
54
CONDOMEDIA April 2020
A statement of any capital expenditures anticipated by the association
for the current and two next succeeding
fiscal years;
and of any portions of those reserves
designated by the association for any
specified projects;
6
The most recent regularly
prepared balance sheet and
income and expense statement, if any,
of the association;
7
8
The current operating budget
of the association;
A statement of any unsatisfied judgments against the association and
the status of any pending suits in which
the association is a defendant;
9
A statement describing any insurance coverage provided for the
benefit of unit owners;
10
A statement as to whether the
executive board has knowledge
that any alterations or improvements
to the unit or to the limited common
elements assigned thereto violate any
provision of the declaration;
11
A statement as to whether the
executive board has knowledge
of any violations of the health or building codes with respect to the unit, the
limited common elements assigned
thereto, or any other portion of the
condominium; and
12
A statement of the remaining
term of any leasehold estate
affecting the condominium and the
provisions governing any extension
or renewal thereof.
The association must furnish this certificate to the unit owner, within 10 days
after a request by the unit owner. Just
last year, legislation was passed that
specifically provided for a civil penalty,
in addition to any remedies otherwise
allowed pursuant to the Act, of "not less
than one hundred dollars ($100) nor
more than five hundred dollars ($500)
per occurrence" for failure to provide
the certificate within 10 days of a written request.
RESALE CERTIFICATE COST
Now, this year the focus is back on
the resale certificate. Legislation was
before the House Judiciary Committee
in February that sought to limit the fee
Condo Media - April 2020
Table of Contents for the Digital Edition of Condo Media - April 2020
Contents
Condo Media - April 2020 - BB1
Condo Media - April 2020 - BB2
Condo Media - April 2020 - Cover1
Condo Media - April 2020 - Cover2
Condo Media - April 2020 - Contents
Condo Media - April 2020 - 2
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Condo Media - April 2020 - Cover3
Condo Media - April 2020 - Cover4
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