Senate Bill 1588: Resale Certificate Fees
- Places a cap of $375 on what a homeowner's association can charge for a Resale Certificate
- Limits the fee for an update to $75
- Shortens the turn-around time for a resale certificate from 7 days to 5 days
- Increases the damages for failure to timely deliver from $500 to $5,000
- Requires any subdivision of 60 lots or more to publish their subdivision information online (including fees) in a publicly accessible database
- Requires the management certificates to be recorded starting December 1, 2021.
Also, we have already seen many notices from management companies that fee structures are being adjusted. Some are lowering the resale certificate fee but increasing other fees or adding fees that have not previously been charged. Some management companies are discontinuing rush or expedited turn times.
Please remember I am not an attorney so please consult an attorney for further clarification. For any other questions, please feel free to call me 817-952-9000.