Why purchase a Resale Certificate from HOA’S?

What is a condominium resale certificate?

If you’re buying a condominium you will have the opportunity to review the Homeowners Association docs. If it’s an existing condominium, in other words it’s not a brand new condominium, you will be given a resale certificate. A resale certificate will provide information to you like the financial statements, budget, meeting minutes, and the rules and regulations. If you’re buying a brand new condominium, then you will be given a public offering statement — that’s like the new condo’s version of a resale certificate. There probably won’t be any meeting minutes because it’s brand new but you will get all of the CC&R’s (covenants, conditions and restrictions), the proposed budget, bylaws, etc. This is very important to have and understand the sections of the resale certificate and the actual restrictions imposed depending on what the needs of your client “buyer” are.

What is a condo reserve study?

Often, a resale certificate will include a reserve study. A reserve study is something the Homeowners Association commissions from a third party to evaluate the condominium — the physical structure of the condominium and to evaluate the existing life of different parts of the structure. For example, the windows, when does (the structure) need to be repainted, the roof. It provides an estimated cost and timeline for those costs and helps the Homeowners Association determine what kind of monthly assessments it needs to charge so that it has enough money in reserves to meet all of those improvements that will need to be made to the condominium in the next 10, 20, 30 or 40 years.

DFW Elite Living answers common questions from home buyers and home sellers. If you have a question that you’d like us to answer, drop us a line at or visit us at

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Joseph Garcia

Joseph Garcia is a proud native Texan, born in Lubbock, raised in San Antonio and loving Dallas. Everyday Joseph uses his more than 16 years experience in the Real Estate industry to help better serve his clients. Joseph started his career in Property Management, Apartment Locating, and Leasing, then quickly transitioned into becoming a full-time residential agent in 2007. Today, Joseph continues to focus on Residential sales and with his broad knowledge base can even assist his clients with Commercial deals.

Joseph is dedicated to helping individuals and families find their dream home and more importantly, the lifestyle they desire! What clients love about Joseph the most is his passion for life and​ ​outgoing personality. When it comes to marketing and selling homes "JoJo Sells" uses the power of Social Media to move homes quickly.

​Joseph also prides himself in making sure each deal gets to the closing table​ no matter how difficult the deal is​. He also goes above and beyond to ensure his clients find the perfect home match whether it's personal or investment. Joseph's extensive network of Real Estate professionals in Sales, Leasing, Lending, Home Inspection, Home Repair and Title make every transaction as seamless as possible.

Joseph carries the distinguished Certified Luxury Home Marketing Specialist (CLHMS) Designation from the Institute for Luxury Home Marketing and a Global Elite Certification which provides access to a Global Real Estate Network.

Joseph completed the Metrotex Leadership Academy class of 24 and immediately after served as a ROC to mentor the Medical / Sports day of class 25. In 2015 he partnered with 5 other individuals to create and serve as the Marketing Chair for the Non-Profit Gay And Lesbian Organization of Real Estate (GALORE) to address unique Real Estate issues facing the Gay and Lesbian community. Joseph is also a member of the National Association of Hispanic Real Estate Professionals (NAHREP), as well as Young Professionals Network (YPN) & Metrotex Leadership Alumni.

He currently services as the Sales Director in the VIVO Uptown office and every day shares his vast Real Estate experience by coaching and mentoring new agents. When you're working with Joseph, you're working with not only a fun agent, but one of the best!

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