Buying/Selling a Condo

Coakley Bay Condominiums Seller / Buyer/ Closing Attorney Guidelines
and Insurance Reserve Fund Fee

The following guidelines are provided to assist Coakley Bay owners in the process of closing on the sale of their units. They are arranged in the order in which they should be completed. Any request for documents should be made to the Coakley Bay Association office formally by email (officemanager@coakleybay.org) or certified mail:

Coakley Bay Association
C/O Office Manager
5000 Estate Coakley Bay CB-100
Christiansted, St. Croix 00820

(1) The closing attorney or mortgage company must complete a Waiver of Right of First Refusal which is sent to Coakley Bay via email for signature. This original must be picked up personally by a staff member or courier selected by the closing attorney or mortgage company.

(2) After the Right of First Refusal is submitted to the Coakley Bay office, owners may obtain Board of Directors meeting minutes, insurance certificates, bylaws, etc. from the Coakley Bay website (www.coakleybay.org)

(3) Prior to release of financial information, a Confidentiality Agreement must be executed by the lender and/or lender’s closing attorney. This document may be obtained from the Coakley Bay business office.

(4) After submitting the Confidentiality Agreement to the Coakley Bay office, copies of financial documents (budget, profit/loss statement, etc.) will be released only to mortgage companies and closing attorneys once requested via email at: officemanager@coakleybay.org. Property Managers, Realtors, or perspective buyers cannot be provided copies of financial documents.

NOTE: The above request(s) should allow for a response time of 7-10 business days.

NOTE: Once the new owner takes possession of their unit, they can visit the office at any time to review the financial documents personally. Anything outside of the normal request will require approval of the Board at the next scheduled Board meeting.

NOTE:The Coakley Bay Office Manager is not authorized to provide clarification on these documents.

(5) An Insurance Reserve Fund Fee will be due to Coakley Bay at the Real Estate Closing (please see below)

(6) All owners must provide the current mailbox key, parking passes, and pool card(s)to the new owner to avoid replacement fees.

If you have any questions regarding this process, please contact the Coakley office at (340) 773-9600 or email: officemanager@coakleybay.org

The Board reserves the right to amend this policy at any time.

Insurance Reserve Fund Fee Due at Real Estate Closing

Coakley Bay maintains an Insurance Reserve Fund to cover deductibles and co-payments arising from repairs and replacements due to damage from hurricanes and other hazards. This reserve has been built up over many years from HOA fees and other revenue streams, with some owners contributing to this fund for over 40 years. New owners receive the complete benefit of this cash reserve fund without having made any contributions. Accordingly, for units closing at Coakley Bay after 12/31/2023, the new owners shall pay a fee of $2,500, assessed at the real estate closing, to provide their contribution into the fund. Closing documents will not be complete without this contribution.

RSG 9/2023