Selling in The Market Common and wondering how HOA resale documents could impact your closing? You’re not alone. In a community where most properties come with monthly dues, these documents can speed you to a smooth sale or cause last‑minute delays if you’re not prepared. In this guide, you’ll learn what the resale package includes, how to order it, what it costs, and the common pitfalls to avoid in The Market Common area. Let’s dive in.
What HOA resale docs are (and why they matter)
In South Carolina, HOA and condo resales are guided by a mix of state statutes and each community’s recorded governing documents. There isn’t a single statewide form or fee. Your specific Market Common neighborhood rules control what’s required and how fast you can get it. Reviewing your community’s declaration and bylaws alongside relevant chapters of the South Carolina Code is a smart first step.
Buyers and lenders rely on these materials to understand the association’s finances, insurance, and rules, and to verify the seller’s account status. In the Grand Strand, HOA dues are common, which puts added focus on accurate, timely packets for The Market Common listings. Recent coverage highlights how widespread HOA fees are in markets like Myrtle Beach, reinforcing why these documents matter at resale. Market reporting on HOA-fee prevalence provides useful context.
What’s inside a typical resale package
A resale package (sometimes called a resale certificate or estoppel) gives a full picture of the community and the unit’s standing. Core items usually include:
- Association and management company contacts
- Declaration/CC&Rs, bylaws, and rules & regulations
- Current budget and most recent year‑end financials
- Reserve study or reserve summary, if available
- Statement of account/payoff ledger for the seller
- Assessment schedule and current dues amount/frequency
- Master insurance declarations and owner insurance requirements
- Minutes from recent board or owner meetings
- Notices of special assessments or planned capital projects
- Any association litigation disclosures
- Transfer or closing requirements and fees
- Required signatures or acknowledgement forms
Why it matters: Financials and reserves hint at future dues or assessments, insurance shows what the master policy covers vs. your policy, and the estoppel/payoff confirms what must be paid at closing. For a plain‑English overview of resale certificates and why buyers ask for them, see this consumer resource on resale packets.
Ordering, timing, and fees
- Who orders and pays: It’s common for the seller or listing agent to order the packet after a contract is ratified. Associations often charge a preparation fee. Fee policies vary by community. Guidance on typical practices appears in this resale‑packet overview.
- Timing: Turnaround is often 5 to 15 business days, with expedited options for an extra fee. Since South Carolina practices differ by HOA, confirm your Market Common association’s timing when you order.
- Fees: Many associations charge a reasonable fee for preparation and for updated estoppels closer to closing. Ask for the fee schedule upfront and, if needed, a breakdown of what’s included.
Pro tip: Lenders and closing attorneys frequently require a fresh payoff/estoppel just days before closing. Plan for a quick update and possible additional fee.
Common pitfalls and red flags
Watch for issues that can stall a closing or spook buyers:
- Inaccurate or outdated payoff figures
- Management company changes that slow responses
- Special assessments or capital projects not clearly disclosed
- Missing or unclear reserve information
- Incorrect owner status or membership details in the packet
Buyers scrutinize red flags like large special assessments, very low reserves, ongoing litigation, high delinquency rates, inconsistent financials, or undisclosed restrictions. If any of these apply, get ahead of them with documentation and a clear explanation. For a deeper look at risks and solutions, review this resale‑packet risk guide.
Step‑by‑step: Market Common seller checklist
- Before or at listing
- Identify your association(s). Your deed, recent dues statement, or recorded covenants will list the exact HOA/POA name. You can search recorded documents via the Horry County Register of Deeds portal.
- Ask the association or manager for the resale/estoppel request form, current fee schedule, and processing times. Confirm any required signatures or specific forms.
- After ratified contract
- Order the full resale package immediately and pay the fee. Get a target delivery date and ask about expedited options if your timeline is tight.
- Share the packet with the title/closing attorney and buyer’s agent as soon as it arrives to prevent duplicate requests.
- One week before closing (or as instructed by title)
- Request an updated payoff/estoppel to capture any new charges. Confirm whether a transfer fee or capital contribution is due at closing and how it will be collected.
- Verify insurance coverage details and address any open violations or architectural items before the final walk‑through.
- Keep a clean file
- Save PDFs of the resale package, payoff/estoppel, CC&Rs, bylaws, current budget, year‑end financials, insurance declarations, recent board minutes, and any reserve summary.
- Keep proof of dues payments through the closing date and a contact list for the management company and board secretary for last‑minute questions.
If your packet is late or inaccurate
- Contact the management company for an updated delivery estimate or corrected estoppel.
- Loop in your closing attorney/title company with the latest documents so they can reconcile figures.
- Document all payments and communications and request corrected statements in writing.
Where to verify rules and requirements
Ready to list in The Market Common or want help planning your resale‑document timeline? Reach out to Jan and Dan Sitter | Coastal Beach Homes for local guidance tailored to your property and your HOA.
FAQs
What are HOA resale documents in South Carolina?
- They are association disclosures and a payoff/estoppel that outline rules, finances, insurance, dues, and the seller’s account status so buyers and lenders can evaluate the property and clear closing.
How long do Market Common HOAs take to deliver packets?
- Many associations deliver within about 5 to 15 business days, and some offer rush service for a fee. Always confirm timing with your specific HOA or manager.
Who pays the HOA estoppel or transfer fees at closing?
- It varies by community and contract. Sellers commonly order and pay for the resale/estoppel; transfer or capital contribution fees may be allocated by agreement between buyer and seller.
What if there’s a special assessment pending on my home?
- Disclose it and provide documentation in the packet. Be prepared to explain scope, timing, and who is responsible at closing based on the contract and association rules.
Where can I find my HOA’s recorded rules in Horry County?
- Search the Horry County Register of Deeds for your subdivision’s recorded declaration and covenants, which list the official association name and often a contact for ordering documents.
