Mar 052016
 

When a sales agreement is made for a property in the SMVE HOA, an escrow is opened with an escrow or title company. Arizona law requires that once official notice is received of an escrow being opened, an information request and resale certificate must be prepared and provided to the escrow company within 10 days. In order to meet that timeframe, SMVE has outsourced this work to its official statutory agent, AME Management.

  • AME fills out a questionnaire of about 60 items called a “Homeowners Association Information” form. This usually goes to the seller’s agent.
  • AME also prepares a “Resale Notification” form for the escrow or title company. This document provides information such as what is covered by the association fees, what governing documents there are, what the common area amenities are, and general information.
  • AME prepares documents detailing any back dues owed, when the next dues are owed, and outstanding violations.
  • AME prepares a new owner packet and mails it to the buyer. This consists of a letter to the buyer and HOA documents such as governance documents, rules and regulations, a reserve study summary, and an annual compilation financial statement for SMVE. The packet also includes a form for the buyer to acknowledge receipt of the packet.
  • When the sale is completed, the escrow company sends AME a copy of the deed, and a check for the $300 transfer fee  (fee as of January 2018) collected at closing. The transfer fee is collected by the escrow company and does not go through the SMVE HOA. (Note this fee is subject to change.  Check with the HOA management company for the current fee).
  • The buyer is asked to complete an information sheet about him or her self, including what the buyer’s permanent address and phone numbers will be. The buyer is asked to sign an acknowledgement that the buyer packet was received and then mail the two documents to AME.
  • AME scans the deed, buyer information sheet, and acknowledgment; and sends them to the SMVE HOA for updating our master database.

Last updated September 28, 2018 by ✉ Larry Spencer, SMVE Treasurer