Residential Disclosures From Sellers And Lenders (Page 35 of 100) in pdf

Residential Disclosures From Sellers And Lenders Page 35

Residential Disclosures from Sellers

§5.012, Property Code. NOTICE OF OBLIGATIONS RELATED TO MEMBERSHIP IN

PROPERTY OWNERS' ASSOCIATION. The notice must read substantially similar:

“As a purchaser of property in the residential community in which this property is located, you are

obligated to be a member of a property owners' association. Restrictive covenants governing the use and occupancy

of the property and a dedicatory instrument governing the establishment, maintenance, and operation of this

residential community have been or will be recorded in the Real Property Records of the county in which the

property is located. Copies of the restrictive covenants and dedicatory instrument may be obtained from the county

clerk.

NOTICE OF MEMBERSHIP IN PROPERTY OWNERS' ASSOCIATION CONCERNING THE

PROPERTY AT (street address) (name of residential community)

You are obligated to pay assessments to the property owners' association. The amount of the assessments

is subject to change. Your failure to pay the assessments could result in a lien on and the foreclosure of your

property.

Date: ____________________

_______________________________

Signature of Purchaser ”

**********

The following notice appears in the TREC promulgated single-family contract form:

Residential Disclosures From Sellers And Lenders Page 35