Seller Park is selling a condo in a Houston community governed by an HOA. The monthly HOA assessment recently increased from $300 to $450 due to a special assessment for roof repairs. On the Seller's Disclosure, Park lists the old amount of $300. What is the issue?
Correct Answer
A) Park must disclose the current assessment amount including the special assessment
The seller must provide accurate, current information about HOA assessments. Listing the old amount when the seller knows about the increase is a misrepresentation. Both the regular assessment and special assessment should be disclosed.
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Related Topics & Key Terms
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Previous Question
Under Texas Property Code §5.012, a seller of property in a subdivision subject to a homeowners' association (HOA) must provide the buyer with:
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Under Texas Property Code §5.012, the subdivision information that must be provided to the buyer includes all of the following EXCEPT: