New Law in Texas regarding HOA Resale Certificates

By
Real Estate Team Leader with Coldwell Banker United, REALTORS (Paragon Property Group) TX 0502962

Starting January, 1st, buyers purchasing a property in a subdivision in Texas can request a resale certificate directly from an HOA. Proof of a valid contract may be required.  The HOA may not process any fees in advance of preparing the certificate and if they do not provide it in a timely manner, they are not supposed to charge for it at all (not sure what the exact timelines/rules on that are....) 

On contracts entered into on or after January 1, 2012, buyers are required automatically to pay the resale certificate fee unless otherwise negotiated an in the sales contract.  The current TREC addendum is likely to change early this year to reflect these changes.   Resale certificates will only be valid for 60 days under the new law.   Beyond that, an entirely new one will need to be ordered.   This will be particularly important if you have a contract with a closing date further out in the future.  You will want to be sure not to order the certificate too early or risk paying twice.  

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Topic:
Home Buying
Location:
Texas
Groups:
All Thing's Texas
Buyer Information - What Buyers Need to Know in Today's Market
Posts to Localism
Texas Real Estate
Tags:
texas resale certificates
ordering a resale certificate in a texas subdivision
new texas rules for buying a home

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