This detailed sample Resale Certificate for Property Subject to Mandatory Membership in an Owners' Associationcomplies with Texas law. Adapt the language to fit your facts and circumstances. Available in Word and Rich Text formats.
Beaumont Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association
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State:
Texas
City:
Beaumont
Control #:
TX-1078
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Word;
Rich Text
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How to fill out Texas Resale Certificate For Property Subject To Mandatory Membership In An Owners' Association?
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FAQ
Senate Bill 1588: HOA Resale Certificate Fees Places a cap of $375 on what a homeowner's association can charge for a Resale Certificate.
If HOAs fail to maintain, repair, or replace common areas as required by the CC&Rs or other governing documents, residents are entitled to take action against the HOA.
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.
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.
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.
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.
Texas's Fair Housing Act, Tex. Prop. Code §15.301, et. seq., provides state-level protections similar to the FHA and is administered by the Texas Workforce Commission.
You are not ?breaking the law? per se when you don't adhere to the HOA rules or pay your HOA fees. Failure to do either of those, however, can still result in serious consequences ? e.g, fines, prohibitions on using the community facilities, and, ultimately, the establishment of liens on your home.
In Texas, the seller must provide a resale certificate to the buyer by the deadline stated in the purchase contract. The Texas Real Estate Commission provides a standardized resale certificate form for both single-family homes and condominiums.
How to use the TREC HOA Addendum & Negotiation tips - YouTube YouTube Start of suggested clip End of suggested clip Address the name of the association. And the phone number if i represent the buyer i'm going to wantMoreAddress the name of the association. And the phone number if i represent the buyer i'm going to want to check this box i'll put 21. Days there i will scroll on down.