Thinking about a condo in Washington Square West and keep hearing about the “resale certificate”? You are not alone. This packet can make or break your confidence in a purchase, especially in older Center City buildings. In this guide, you will learn what a Pennsylvania condo resale package includes, what to watch for in Wash West, typical timelines and fees, and a simple way to review everything without stress. Let’s dive in.
What a resale certificate is
A resale certificate, sometimes called a resale package, is the set of condominium association documents you receive when a unit is under contract. It explains how the community operates and where its finances and legal matters stand today. It often includes an estoppel or payoff letter that confirms what the seller owes the association at closing.
Resale certificate vs. estoppel
- Resale package: the full set of governing, financial, insurance, and administrative documents.
- Estoppel letter: a short statement verifying money due on the unit and other facts a lender or closing company needs.
What you should receive in Pennsylvania
While each association is different, expect most or all of the items below.
Core governing documents
- Declaration of Condominium that created the condo and sets responsibilities.
- Bylaws and Articles of Incorporation that outline board structure and voting.
- Rules and regulations covering pets, rentals, noise, and common areas.
Financial and operations
- Most recent annual budget and current year budget.
- Recent financial statements like operating statements and balance sheets.
- Reserve fund balance and any reserve study or engineering capital plan.
- Monthly common charges and any special assessments.
- Arrears or collection status, sometimes summarized in the estoppel.
Insurance and property condition
- Certificate of insurance for the master policy, with coverage types and limits.
- A summary of what the master policy covers vs. the owner’s HO‑6 policy.
- Notes on recent or planned capital projects like roof, façade, or elevator work.
Legal and administrative
- Estoppel or payoff letter with amounts due from the seller.
- Minutes from recent board meetings, often for the last 6 to 12 months.
- Any pending litigation involving the association.
- Management contract details and officer contacts.
- Owner list or unit map if available.
Practical unit info
- Parking and storage rights and how they are assigned.
- Rental and occupancy policies.
- Renovation approval steps and required deposits or insurance.
- Transfer fees and move‑in or move‑out rules and deposits.
Why this matters in Washington Square West
Wash West is a diverse condo market. You will see small converted rowhouse buildings, lofts, and a few mid‑rise communities. Many associations are small and some are self‑managed or handled by a small firm. Buildings can be older, which means roofs, façades, and mechanicals may need periodic work. The resale package helps you assess:
- Financial health. Are reserves adequate and are budgets balanced? In older buildings, deferred work can lead to special assessments.
- Ongoing costs. Monthly dues, any recent increases, and special assessments affect your bottom line and mortgage approval.
- Insurance gaps. The master policy may not cover interior finishes or may have a high deductible. Your HO‑6 policy must fill the gap.
- Use and rules. Rental caps, pet policies, and renovation rules can affect your plans and future resale value.
- Litigation risk. Active lawsuits can drain reserves and create assessment risk.
- Resale outlook. Frequent assessments or many delinquent owners can reduce future buyer demand.
Typical timelines and fees in Philly
Every association sets its own process, but these ranges are common in Center City.
Fees you might see
- Resale package fee: about $150 to $400. Expedited delivery can add cost.
- Estoppel fee: sometimes separate, sometimes included. Expedited updates cost more.
- Copying or admin fees for large record sets.
Delivery timelines
- Standard delivery: 3 to 14 business days after request and payment. Many arrive in 5 to 10 days.
- Expedited delivery: 24 to 72 hours for an extra fee, if offered.
- Updated estoppel: often required within 10 to 30 days of closing.
Common contingencies to negotiate
- Document review period: 5 to 14 business days is typical, with 7 to 10 common in Philadelphia. You can cancel within this window if the documents are not satisfactory.
- Financing contingency: your lender will review condo details and may need an updated questionnaire and estoppel.
- Estoppel update: request a fresh estoppel within a set window before closing.
- Records access: allow an attorney or CPA to request more records if red flags appear.
- Special assessments: specify who pays outstanding or newly approved assessments.
- Cost allocation: clarify who pays the resale and estoppel fees. Sellers often pay, but it depends on the contract.
Red flags to watch in Wash West condos
Older and smaller associations can be great homes, but you should read with care.
Financial red flags
- Low or no reserves despite known maintenance needs.
- Several special assessments in recent years or one very large assessment.
- High owner delinquency on dues.
- Operating deficits in recent statements.
Legal and operational red flags
- Pending litigation, especially construction defects or repeated contractor disputes.
- Frequent board turnover or management changes.
- A pattern of fines or rule enforcement issues.
- Frequent rule changes that create uncertainty.
Insurance and condition red flags
- Master insurance with unclear limits or very high deductibles.
- Evidence of deferred maintenance in minutes, like repeated emergency repairs.
- No recent reserve study or capital plan in a larger building.
Use and resale constraints
- Strict rental caps that limit leasing plans.
- Ambiguous parking or storage rights.
- Renovation restrictions that complicate planned updates.
A simple, six‑step review workflow
Use this to stay organized and decide with confidence.
1) Request and track
Request the package as soon as your contract is signed. Log the request date, fee paid, delivery estimate, and the manager or board contact. Follow up fast if it is late so you do not lose review time.
2) Triage in 1 to 2 hours
Pull key numbers: monthly dues, special assessments, reserve balance, last 12 months operating result, and delinquency rate. Confirm there is a master insurance summary and a lender clause. Scan minutes for major projects or litigation.
3) Create a one‑page summary
Include monthly dues, last increase, reserve balance, any special assessment, pending litigation yes or no, rental cap yes or no, and planned major projects. Highlight any deal breakers.
4) Go deeper if you see red flags
Ask for the reserve study or capital plan. Request the insurance declarations page if coverage is unclear. If litigation exists, ask for the complaint and counsel’s status memo. If arrears seem high, request a breakdown and the collection plan.
5) Plan the estoppel update
Schedule an updated estoppel in the contract within the final 10 to 30 days before closing. Confirm your lender’s timing and format requirements.
6) Coordinate with your team
Share your summary and questions with your attorney early. Provide documents to your lender so they can confirm condo eligibility and timing.
First‑time condo buyer tips
- Request the resale package right away and set calendar reminders for your review deadline.
- Expect fees and confirm who pays in your contract.
- Ask your agent for a one‑page summary of dues, reserves, assessments, and litigation.
- Request an updated estoppel within 30 days of closing to catch any changes.
- In older or small buildings, pay close attention to reserves, roof and façade work, and mechanical systems.
- If you plan to rent, confirm the rental policy before you finalize terms.
How our team can help
As a concierge, consultative team focused on Center City condos, we help you request and track the resale package on day one, summarize key numbers in plain language, and flag issues early so you can make a clear decision within your review window. We coordinate with your lender and attorney, watch the timeline, and schedule the estoppel update to keep closing on track. You get calm, steady guidance and a clear plan.
Ready to move forward on a Washington Square West condo with confidence? Connect with Tom Englett for a tailored, step‑by‑step strategy.
FAQs
What is a condo resale certificate in Pennsylvania?
- It is a packet of association documents that explains governance, finances, insurance, rules, and any money owed, so you can judge the building’s health before closing.
How long does a resale package take in Philadelphia?
- Standard delivery is often 3 to 14 business days after request and payment, with some managers offering 24 to 72 hour rush options for a fee.
Who usually pays the resale certificate fee in Philly?
- Sellers often pay these fees, but it depends on your contract, so confirm the cost allocation in your agreement.
Can I cancel if the documents look bad?
- Buyers typically negotiate a 5 to 14 business day review contingency that allows cancellation if the resale package is not satisfactory.
What is an estoppel and why do I need an update?
- An estoppel is a statement of amounts owed and related facts for the unit; an updated version within 10 to 30 days of closing helps ensure no new balances or assessments were added.
What red flags should I look for in Wash West buildings?
- Low reserves, recent or repeated special assessments, litigation, high delinquency, unclear insurance coverage, and evidence of deferred maintenance should prompt deeper review.
