Louisville KY Condominium Sellers Certificate
After the housing crisis, and for the general welfare of the public, the Kentucky Real Estate Commission drafted what is referred to as a Condominium Seller's Certificate. This Certificate based on a newer law that became effective 1/1/2011, KRS 381.9101 - 381.9207, and is to make potential purchasers aware of important information regarding the association and the particular unit the purchaser is buying. Below is the latest revised copy of the Condo Certificate.
Page 1 of 2
Revised May 2012
CONDOMINIUM SELLER’S CERTIFICATE
IMPORTANT NOTICE: This information is current to the date of issuance.
Condominium Certificate concerning Condominium Unit ______, in Building ________, of __________________________________________________, a condominium project, located at __________________________________________________________________(Address), City of, ____________________________, County of, _______________________, Kentucky, on behalf of the condominium owners' association (the Association) by the Association's governing body (the Board).
A. The Declaration _does _does not contain a right of first refusal or other restraint that restricts the right to transfer the Unit. If a right of first refusal or other restraint exists, see Section ___________________ of the Declaration.
B. The monthly common expense assessment for the Unit is $_______________ per ____________________.
C. There _is _is not a common expense, emergency assessment, or special assessment due and unpaid by the Seller to the Association. The total unpaid amount is $_________ and is for _____________________________________________.
D. Other fee amounts _are _are not payable by Seller to the Association. The total unpaid amount is $_________ and is for____________________________________________________________.
E. Capital expenditures anticipated by the Association for the current, and if known, next two (2) fiscal years are $_______________________.
F. Reserves for capital expenditures are $______________; of this amount $____________________ has been designated for____________________________________________________________.
G. Attached are the current operating budget of the Association and most recent regularly prepared balance sheet and income and expense statement, if any, of the Association.
H. The date of the most current financial report prepared for the Association, pursuant to KRS 381.9197, is _________________________________.
I. The amount of any unsatisfied judgments against the Association is $_______________________.
J. There _are _are not any suits pending against the Association or any pending suits in which the Association is a named party and the amount in dispute or contest is more than ten thousand dollars ($10,000). The status of the pending suits (if any) is_____________________________________________________________________________________________________________________.
K. The Association _does _does not maintain insurance coverage. A _ statement describing the insurance maintained by the Association or a _certificate of insurance issued to the Association is attached.
THIS FORM HAS BEEN APPROVED BY THE KENTUCKY REAL ESTATE COMMISSION
L. A portion of the condominium _is _is not situated upon a leasehold estate. The remaining term of any leasehold estate that affects the condominium is____________________ and the provisions governing an extension or a renewal of the lease are: ____________________________________.
Name and Telephone Number of Agent: _______________________________________________
Louisville Condos and Townhomes
|All Listings||Under $100,000||$100,000 - $200,000|
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|$500,000 - $600,000||$600,000 - $700,000||$700,000 - $800,000|
|$800,000 - $900,000||$900,000 - $1,000,000||Over $1,000,000|
Louisville Condos and Townhomes
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