What is a Resale Package?
A resale package is a resale certificate and a set of documents prepared by the HOA or the HOA’s management company. They contain disclosures and detailed information about the property and the HOA community.
What Changed in 2021 that Directly Impacts both Buyer and Seller on Closing Day?
There is now a cap on the fees for delivery of subdivision information. Resale Certificates are capped at $375.00 for the initial certificate and $75.00 for updated certificates. Prior to this legislation, these fees were not regulated.
Paragraph C of the Addendum For Property Subject to Mandatory Membership in a Property Owners Association no longer requires the buyer to pay for the reserves fees that are to be collected at closing. That part of the addendum was deleted. The deposits and reserves paid by the buyer are now lumped together with the transfer fee and are limited to the amount filled in on the addendum. The seller must pay any amount over that limit. These charges are in addition to the usual seller expense for the resale certificate and HOA documents that must be provided to the buyer.
What is the Purpose of an HOA?
The purpose of a Homeowners Association in Texas is to help preserve the property’s value by having Covenants, Conditions & Restrictions (CC&Rs) in place so that people maintain continuity across your new community.