Covenants Term
Resale Certificate / Statement of Unpaid Assessments
The disclosure package a buyer typically requests before closing, showing assessment status, governing documents, and any pending violations or claims against the lot.
Covenant and governance terms come from the recorded documents that bind every lot: what may be built, what is owed, and how standards are administered.
Resale Certificate / Statement of Unpaid Assessments in Skyecroft practice
North Carolina's Planned Community Act allows associations to provide, for a fee, a statement of unpaid assessments for a lot being sold. Closing attorneys rely on it to collect what is owed. Buyers should ask for more than the balance: the current budget, rules, minutes, and any notice of violations give a fuller picture than a payoff figure alone.
What to verify
- The statement of unpaid assessments and its effective date.
- Any open violation or architectural compliance notices.
- Transfer or working-capital charges due from the buyer.
Where this term matters in the guide
For the wider treatment of this subject, read The Covenant Living Guide. Definitions here are general editorial explanations of common usage — they are not legal definitions and do not interpret any specific recorded document. See Disclosures.
Nearby Language
Related terms.
- Special Assessment
A one-time charge levied outside the regular budget, typically for a capital project or a shortfall. Procedures and any …
- Reserve Study
A professional projection of the useful life and replacement cost of common-area components, used to set reserve funding…
- Design Guidelines
The written standards, adopted under the CC&Rs, that describe acceptable materials, colors, massing, landscaping, and si…
- Architectural Review
The formal process by which proposed exterior construction, additions, or alterations are submitted for approval against…
- Variance
A discretionary, usually written exception to a stated standard, granted for a specific property and set of facts. A var…
- Setback
The minimum required distance between a structure and a property line, street, or feature. Both the county and the coven…
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