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.
Dallas Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association
State:
Texas
Category:
County:
Dallas
Control #:
TX-1078
Format:
Word;
Rich Text
49 downloads
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FAQ
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 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.
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.
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.
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.
A Lender Certification from the Homeowner's Association (HOA) is a form required by the new lender that provides information regarding the number of units that are owner and/or non?owner occupied in the community, notices regarding pending litigation, and notices of pending and current assessments and reserves.
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.