Texas Residential Condominium Contract (Resale)
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How to fill out Texas Residential Condominium Contract (Resale)?
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FAQ
To protect the buyer, Washington state law (RCW 64.34. 425) requires the seller of a condominium to pay for, and furnish the buyer with, a detailed disclosure called the Condominium Resale Certificate. This certificate is provided by the Homeowner Association (HOA) or the association's management company.
As an owner, you may be directed by your agent to obtain a Resale Certificate. This document is one of the documents required by the Missouri Uniform Condominium Act in order to process a closing on a condominium and is one that the selling party typically acquires.
By Texas law, they have 10 business days (usually 14 calendar days) to deliver the resale certificate and documents once the order is placed and payment is received.
The resale certificate is the seller's evidence as to why sales tax was not collected on that transaction and should be retained in the seller's books and records for four years.
A valid contract meets all of the required essential elements (i.e., offer and acceptance, consideration, legal purpose, consent, and legal capacity). legally competent parties. The parties must be of legal age and have enough mental capacity to understand the nature or consequences of their actions in the contract.
- Paragraph 4 includes language regarding disclosure of existing leases, including residential leases, fixture leases, and natural resources leases, and prohibits the seller from executing any new lease or amending any lease without the buyer's written consent after the effective date of the contract.
Basically, condo buyers will own the condominium unit itself, and what's called an "interest" (along with all the other owners) in the "common elements" (sometimes called "common areas") of the condominium project.
Residential Condominium Contract (Resale)