One To Four Family Residential Contract Resale Page 3
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9Contract Concerning
Page 3 of 9
12-05 -2011
(Address of Property)
lender within 15 days after Seller receives the objections and the Closing Date will be
extended as necessary. If objections are not cured within such 15 day period, this contract
will terminate and the earnest money will be refunded to Buyer unless Buyer waives the
objections.
E. TITLE NOTICES:
(1) ABSTRACT OR TITLE POLICY: Broker advises Buyer to have an abstract of title covering
the Property examined by an attorney of Buyer’s selection, or Buyer should be furnished
with or obtain a Title Policy.
If a Title Policy is furnished, the Commitment should be
promptly reviewed by an attorney of Buyer’s choice due to the time limitations on Buyer’s
right to object.
(2) MEMBERSHIP IN PROPERTY OWNERS ASSOCIATION(S): The Property
is
is not
subject to mandatory membership in a property owners association(s). If the Property is
subject to mandatory membership in a property owners association(s), Seller notifies
Buyer under §5.012, Texas Property Code, that, as a purchaser of property in the
residential community identified in Paragraph 2A in which the Property is located, you are
obligated to be a member of the property owners association(s). Restrictive covenants
governing the use and occupancy of the Property and all dedicatory instruments
governing the establishment, maintenance, or 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 instruments may
be obtained from the county clerk. You are obligated to pay assessments to the
property owners association(s). The amount of the assessments is subject to
change. Your failure to pay the assessments could result in enforcement of the
association’s lien on and the foreclosure of the Property.
Section 207.003, Property Code, entitles an owner to receive copies of any document
that governs the establishment, maintenance, or operation of a subdivision, including,
but not limited to, restrictions, bylaws, rules and regulations, and a resale certificate from
a property owners' association. A resale certificate contains information including, but
not limited to, statements specifying the amount and frequency of regular assessments
and the style and cause number of lawsuits to which the property owners' association is a
party, other than lawsuits relating to unpaid ad valorem taxes of an individual member of
the association.
These documents must be made available to you by the property
owners' association or the association's agent on your request.
If Buyer is concerned about these matters, the TREC promulgated Addendum for
Property Subject to Mandatory Membership in a Property Owners Association(s)
should be used.
(3) STATUTORY TAX DISTRICTS: If the Property is situated in a utility or other statutorily
created district providing water, sewer, drainage, or flood control facilities and services,
Chapter 49, Texas Water Code, requires Seller to deliver and Buyer to sign the statutory
notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to
final execution of this contract.
(4) TIDE WATERS: If the Property abuts the tidally influenced waters of the state, §33.135,
Texas Natural Resources Code, requires a notice regarding coastal area property to be
included in the contract. An addendum containing the notice promulgated by TREC or
required by the parties must be used.
(5) ANNEXATION: If the Property is located outside the limits of a municipality, Seller notifies
Buyer under §5.011, Texas Property Code, that the Property may now or later be
included in the extraterritorial jurisdiction of a municipality and may now or later be
subject to annexation by the municipality. Each municipality maintains a map that depicts
its boundaries and extraterritorial jurisdiction. To determine if the Property is located
within a municipality’s extraterritorial jurisdiction or is likely to be located within a
municipality’s extraterritorial jurisdiction, contact all municipalities located in the general
proximity of the Property for further information.
(6) PROPERTY LOCATED IN A CERTIFICATED SERVICE AREA OF A UTILITY SERVICE
PROVIDER: Notice required by §13.257, Water Code: The real property, described in
Paragraph 2, that you are about to purchase may be located in a certificated water or
sewer service area, which is authorized by law to provide water or sewer service to the
properties in the certificated area. If your property is located in a certificated area there
may be special costs or charges that you will be required to pay before you can receive
water or sewer service.
There may be a period required to construct lines or other
facilities necessary to provide water or sewer service to your property. You are advised to
determine if the property is in a certificated area and contact the utility service provider
Initialed for identification by Buyer
and Seller
TREC NO. 20-11
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