Arizona and California Institute New Resale Laws
TUCSON, Ariz. – January 1, 2012 – Since Community Archives Electronic Information Delivery system is built to address all variable present and future changes needed to comply with the new laws, Community Archives users in Arizona and California were already prepared for the following new resale laws.
ARIZONA SB 1149
The new law will cap the fees for an Arizona Resale Package at $400.00, including any transfer fees. It will also allow for the package to be received in either paper or electronic format. In the past, requestors such as realtors, title companies, sellers and others who needed to obtain an Arizona Resale Certificate, had to pay for the service whether or not the real estate transaction came to fruition. As of January 1, 2012, you can no longer charge at the time of the request and you may only collect for the package if and when a closing takes place. In addition, the association may charge no more than $100.00 for a rush fee if the request is to be performed within 72 hours. An update fee of $50.00 may be charged if 30 days or more have passed since the date the original package was delivered. The fees shall be collected no earlier than at the close of escrow and may only be charged once to a unit owner for that transaction.
CALIFORNIA AB 771
CAR (California Association of Realtors(R)), working closely with our industry stakeholders, has crafted a bill that protects the interest of sellers and buyers while retaining an agent's right to provide documents at a reasonable profit, driven by market competition. The new bill requires production of copies of approved 12 months of open minutes, IF REQUESTED by the purchaser. The creation of form 1368.2 (disclosure of fees for the documents) is to be provided with each resale package at the time the documents are delivered. Also, the new law requires that delivery of documents cannot be withheld for any reason except lack of payment of the document procurement fees outlined in the 1368.2 form.
ABOUT COMMUNITY ARCHIVES
Community Archives provides e-solutions that address common challenges facing the community association industry. From its state-of-the-art automated resale processing services to its document storage and distribution systems, Community Archives assists community associations and management firms in reducing costs while increasing productivity, efficiency, and accuracy. Community Archives specializes in web-based, high security
e-processing, enabling users to easily understand and utilize today's best technology. To learn more please visit www.communityarchives.com.