Changes to Texas Real Estate Laws Effective Jan. 1, 2012 - The HOA Resale Certificate
Posted by Janet Owens on Thursday, January 5th, 2012 at 11:18am.The Texas legislature has made several changes specific to real estate that will go into effect Jan. 1, 2012. One of those changes effects the HOA Resale Certificate.
Beginning January 1, home buyers purchasing property in a subdivision will be able to request a resale certificate directly from the homeowners association. On all contracts entered into on or after January 1, buyer will be required to pay the fee for the resale certificate unless the buyer and seller have agreed otherwise in the sales contract.
Our current TREC addendum provides options for delivery of the resale certificate and states that the seller will have to pay for it. This addendum will change early in 2012.
The HOA may require that the buyer produce a copy of a valid contract for the property as well as payment before beginning work on the resale certificate. However, the association cannot process the payment until the resale certificate is prepared. The association is further prohibited from charging a fee at all if the certificate is not produced in a timely manner.
Sellers, seller's agents, title and insurance companies may order updates to resale certificates that have already been issued but under the new law, the resale certificate is only good for 60 days.
Print
ShareBe the first to comment on this blog entry!
Free eBook Navigating the Home Buying / Home Selling Process in Today's Market