Sale and leasing/ Estoppel

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 Sales and Leasing Procedures

All prospective purchasers and tenants who will be moving into a deed restricted community will be required to complete an application for their Association. Application fees may range from $100.00 to $150.00 per applicant, make your check payable to the Association into which you are moving.

All applicants over 18 years of age will be required to complete this process. If married using different last names, a copy of your marriage certificate is required. The Association has a thirty-day processing window in which to process and interview applicants. Please arrange for your closing with the thirty-day window in mind. Most Associations will require a background check on all new applicants. Please be advised that this will also include a criminal background check. Once your completed application is received, it will be processed in the order in which it was received. Once processed and your background check has been completed, M. Postman Management will forward all necessary paperwork to the Association Board, via their property manager. The Association will then contact the applicant for the interview.

Please be sure to include a cell number so that contact can be made in a timely manner. If working with a Realtor, please deliver with your application, a business card for your Agent. 

 What does Estoppel mean? ...  It means that the ownership of real property is stopping with the Seller (Owner) and will begin again with the Purchaser (Applicant). What does this mean to the Purchaser or Seller? In order to purchase real property, an estoppel request must be made by the purchasers Title Company. The information contained in an estoppel is used for compiling the costs for closing purposes. These costs and fees are found on the HUD Statement or Settlement Statement that you will receive at closing. An estoppel will let the Title Company know if the maintenance fees are current, if there are any special assessments due and/or pending, the name of the Association insurance agent, violations against the subject property, etc. Responsibility of payment for estoppel is of the Seller.

When the applicant/purchaser is purchasing the property using a mortgage, a PUD Certificate or Homeowners Certificate is also required. This is a requirement of the lender. The lender will request this information to find out if the Association that you are purchasing in meets the criteria of the lender. Some of the information that they require will be financial stability of the overall Association, total number of units, owner- occupied units vs. rentals, etc. Responsibility of payment for the Certification is of the Purchaser. Costs of estoppel and/or PUD Certificates:  M. Postman Management LLC charges a fee to certify the information that we are submitting to the Title Companies and/or Lender is true and correct to the best of our ability.   

The fee is: $299.00 within 10 days from the receipt of the estoppel and check. If you would like to expedite within 3 days an additional fee of $119.00 will be required from the receipt of the estoppel and check. The check must be made payable to M. Postman Management, LLC.  Please include your payment with your forms and mail to 8998 NW 39 Street, Hollywood, Fl. 33024, Attn: Estoppels Department.