This form is a condominium certificate concerning a condominium unit in a particular building described in the contract. The contract contains sections which discuss the right of first refusal, capital expenditures approved by the condominium owners association, and the absence or presence of a common expense or special assessment due and unpaid by the seller to the association. The certificate also requires the following attachments: operating budget and insurance summary.
Fort Worth Texas Condominium Resale Certificate
State:
Texas
City:
Fort Worth
Control #:
TX-1073
Format:
Word;
Rich Text
Instant download
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Description
How to fill out Texas Condominium Resale Certificate?
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FAQ
HOA transfer fees typically cost $100?$400. Some states have caps on how much an HOA can charge for these fees. For example, in Texas, HOA transfer fees ? also known as an HOA resale certificate there ? are capped at $375.
How is paragraph 14 different in the Residential Condominium Contract? Casualty loss is not addressed in the condominium contract. The paragraph does not address the common elements. Because the seller owns a single unit only, casualty loss addresses that situation.
The resale certificate gives specific information about the property that is being sold and where it stands with the HOA; this incudes disclosing any past-due payments or unpaid violations, any pending violations, and all fees that are due upon closing.
Do I need to submit a resale certificate each time I make a purchase? Yes, except that if a customer purchases exclusively for resale, a seller can accept a blanket resale certificate. The certificate should state that all purchases will be resold in the regular course of business.
Texas HOA laws require a resale certificate for real estate closings. It is important to make sure you received the complete package in a timely manner. Every HOA is different, however, and it may be difficult to contact them quickly.
Standard Contract Form TREC No. 30-1 is promulgated for use in the resale of a residential condominium unit where there is all cash or seller financing, an assumption of an existing loan, or a conventional loan.
HOA Certification, or Home Owner's Association Certification, is designed to protect buyers and lenders based on the current status of a particular area. The certification provides the buyer with all the information about the Home Owner's Association involved with the property the person is acquiring.
The cost for obtaining a resale certificate in Texas is capped at $375. Since it is the seller's responsibility to provide it, the seller typically pays this expense at the time it is ordered. HOA management companies usually expect payment upfront before they will process an order.
Promulgated contract forms are forms that are both approved and required by the Texas Real Estate Commission. These will be used by agents and brokers alike during transactions to make the agreement's official.