Closing Documents

When someone buys a home in Stonebridge Ranch, they automatically become a member of the Stonebridge Ranch Community Association (SRCA). Prior to relinquishing a home in Stonebridge Ranch, sellers typically provide a Resale Certificate to the prospective buyer via their title company.

The Resale Certificate is not a single document but rather a vital set of files (often referred to as “Closing Documents”) that we advise any prospective home buyer to review carefully. Some of the items included in the packet are public records which indicate the stability and status of the SRCA as a homeowners association. Other items in the packet contain private details which pertain only to the specific property for which ownership is being transferred. 

Here are just some of the documents you might find included with a Stonebridge Ranch Resale Certificate packet:

 

  1. The Tax Value Lot Disclosure notifies the prospective owner of the estimated property tax value for the property.
  2. The Certificates of Insurance show proof of SRCA insurance coverage for all association-owned common property.
  3. The Annual Budget Summary shows an overview of the SRCA’s current-year operating budget.
  4. The Governing Documents include all guidelines that the SRCA members must follow. This includes important rules regarding exterior home improvement projects.
  5. The Open Violations Report shows any current violations that exist in relation to the property account. Note that open violations and related fines stay with the property and become the immediate responsibility of the new owner. The process of escalation for unresolved violations does not “start over” or “pause” with the transfer of home ownership.
  6. The Transaction History shows a detailed breakdown of the annual SRCA assessments and/or any village or special assessments related to the individual property. See our brief overview of Financial Considerations for prospective homeowners.

GOT QUESTIONS?

For inqueries related to Resale Certificates, please contact CMA’s Closing Department at 972.943.2820. 

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