Avoid Costly Mistake Of Purchasing into a Neighborhood with Existing Lawsuits
Posted by Melissa Walters
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My stomach dropped! I was a first time homebuyer and I attended my first homeowners association (HOA) meeting over 20 years only to find out that the community I just purchased in was involved in a major lawsuit!!! Here I was the new owner on the block excited to meet my new neighbors as they all gawked at me with the expression, "you poor thing". You can only imagine how upset I was with my realtor. My thoughts raging of how I had been duped! The reality it had my agent ordered a resale certificate back then I would have been better prepared to make a better decision about the property I owned for seven years. Back then this document was not a mandatory step. According to a recent article I found on ainsleylaw.com/pdf/Texas-HOA-Changes-2011.pdf the legislation amended the Texas Property Code to require the Seller’s disclosure form to include a specific statement concerning the purchaser’s right to receive various documents and a resale certificate from the property owners association if the home is located within a mandatory membership association. The revised resale certificate now requires that the HOA disclose all lawsuits to which it is a party (rather than just those in which it was a defendant as required under the existing law).
My Make No Mistakes system (www.MakeNoMistakes.com) always included this step but now in Texas its the law! Please call me today to see how you can get yourself a copy of the Make No Mistakes Home Buyers Checklist!
My Make No Mistakes system (www.MakeNoMistakes.com) always included this step but now in Texas its the law! Please call me today to see how you can get yourself a copy of the Make No Mistakes Home Buyers Checklist!
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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