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.
Collin Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association is a legal document that pertains to properties located in Collin County, Texas. This certificate is required when selling or transferring a property that is subject to mandatory membership in an owners' association. It plays a vital role in ensuring compliance with the rules and regulations set forth by the association governing the community. The Collin Texas Resale Certificate provides detailed information about the property and its association. This includes the name and contact information of the association, the property's legal description, and the current status of the property's assessments, fees, and any outstanding balances owed. The certificate also outlines any pending litigation, violations, or claims against the property or the association that the potential buyer should be aware of. To obtain this certificate, the seller or their agent must request it from the owners' association and provide it to the potential buyer before the transfer of the property occurs. It is essential for buyers to carefully review the information presented in the certificate to understand their responsibilities, financial obligations, and any restrictions associated with the property. There are different types of Collin Texas Resale Certificates for Property Subject to Mandatory Membership in an Owners' Association, which may vary based on the specific requirements and regulations established by each association. Some common variations may include: 1. Full Resale Certificate: This certificate provides a comprehensive overview of the property's financial records, governing documents, upcoming assessments or special levies, insurance coverage, and any pending legal actions against the association. 2. Limited Resale Certificate: This certificate is a condensed version of the full resale certificate and may contain essential information such as the property's outstanding balances or violations without providing detailed financial records or governing documents. 3. New Construction Resale Certificate: This type of certificate applies to properties that are newly constructed or have never been previously sold. It certifies compliance with relevant building codes and confirms the property's eligibility for membership in the owners' association. In summary, the Collin Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association is a crucial document that protects both buyers and sellers in Collin County, Texas. It ensures transparency by providing detailed information about the property and its association, allowing potential buyers to make informed decisions while promoting a fair and regulated real estate market.
