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.
Lewisville Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association is an essential document required for buying or selling properties that fall under the jurisdiction of an Owners' Association in Lewisville, Texas. This certificate serves as a declaration by the current property owner, stating that all dues and assessments have been paid and that the property is in compliance with the association's rules and regulations. It provides potential buyers with vital information about the property and the association, ensuring a smooth transfer of ownership. Keywords: Lewisville Texas Resale Certificate, Property, Mandatory Membership, Owners' Association, dues, assessments, rules and regulations, compliance, transfer of ownership. There are two main types of Lewisville Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association: 1. Basic Resale Certificate: This type of certificate provides basic information about the property, such as the legal description, current owner's name, and address. It also includes details about the mandatory membership in the owners' association, including any outstanding dues or assessments. Additionally, it may highlight any violations or non-compliance issues associated with the property. 2. Comprehensive Resale Certificate: A comprehensive resale certificate provides detailed information about the property and the associated owners' association. In addition to the basic information included in the basic certificate, it may also include the following: — Current financial standing of the owners' association: This section provides details about the association's financial health, including its operating budget, reserves, and any outstanding debts or pending litigation. — Governing documents: This section outlines the rules and regulations governing the association, such as the bylaws, covenants, conditions, and restrictions (CC&Rs), and any amendments or special assessments. — Insurance coverage: It provides information on the association's insurance policies, such as general liability, property damage, or director and officer (D&O) coverage. This helps potential buyers understand the level of protection provided by the association. — Pending or planned special assessments: If there are any upcoming or proposed special assessments, such as for maintenance or improvements, they will be disclosed in this section. — Additional disclosures: This section may include any additional information deemed necessary for potential buyers to make an informed decision, such as pending capital projects, outstanding violations or liens, or any other relevant details specific to the property in question. It is important for buyers and sellers to carefully review the Lewisville Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association to ensure a smooth transaction. By providing all the necessary information, this certificate helps protect the interests of both parties involved in the property transfer process.Lewisville Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association is an essential document required for buying or selling properties that fall under the jurisdiction of an Owners' Association in Lewisville, Texas. This certificate serves as a declaration by the current property owner, stating that all dues and assessments have been paid and that the property is in compliance with the association's rules and regulations. It provides potential buyers with vital information about the property and the association, ensuring a smooth transfer of ownership. Keywords: Lewisville Texas Resale Certificate, Property, Mandatory Membership, Owners' Association, dues, assessments, rules and regulations, compliance, transfer of ownership. There are two main types of Lewisville Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association: 1. Basic Resale Certificate: This type of certificate provides basic information about the property, such as the legal description, current owner's name, and address. It also includes details about the mandatory membership in the owners' association, including any outstanding dues or assessments. Additionally, it may highlight any violations or non-compliance issues associated with the property. 2. Comprehensive Resale Certificate: A comprehensive resale certificate provides detailed information about the property and the associated owners' association. In addition to the basic information included in the basic certificate, it may also include the following: — Current financial standing of the owners' association: This section provides details about the association's financial health, including its operating budget, reserves, and any outstanding debts or pending litigation. — Governing documents: This section outlines the rules and regulations governing the association, such as the bylaws, covenants, conditions, and restrictions (CC&Rs), and any amendments or special assessments. — Insurance coverage: It provides information on the association's insurance policies, such as general liability, property damage, or director and officer (D&O) coverage. This helps potential buyers understand the level of protection provided by the association. — Pending or planned special assessments: If there are any upcoming or proposed special assessments, such as for maintenance or improvements, they will be disclosed in this section. — Additional disclosures: This section may include any additional information deemed necessary for potential buyers to make an informed decision, such as pending capital projects, outstanding violations or liens, or any other relevant details specific to the property in question. It is important for buyers and sellers to carefully review the Lewisville Texas Resale Certificate for Property Subject to Mandatory Membership in an Owners' Association to ensure a smooth transaction. By providing all the necessary information, this certificate helps protect the interests of both parties involved in the property transfer process.
