Homeowners associations can preserve property values and offer amenities to residents. However, potential purchasers should understand ahead of time any fees or rules associated with living in a property governed by an HOA. Here are six questions your buyers should ask:
Do the owners have to join? Not all HOAs are mandatory.
How much does it cost? Find out how much dues are and how often they are assessed.
Who should owners contact? An association may be managed by a company or by its own residents.
What are the rules? HOAs adhere to a set of governing documents that include the rules and enforcement procedures, which can range from fines to liens to foreclosure for non-payment.
What do members get for their dues? Dues cover maintenance and amenities-this can mean landscaping, swimming pools, security systems, or even patrols.
When do the association directors meet? A 2011 law supported by the Texas Association of REALTORS® mandates open records and meetings for HOAs.
Source:http://texasrealtor.epubxp.com/i/468940-mar-2015/16
Legal Disclaimer: The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on TexasRealEstate.com. Any legal or other information found here, on TexasRealEstate.com, or at other sites to which we link, should be verified before it is relied upon.
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