Agent Wilson represents a buyer purchasing a townhouse in an HOA community. In addition to the TREC One to Four Family Residential Contract, which TREC addendum is Wilson MOST likely required to include?
Correct Answer
B) The Addendum for Property Subject to Mandatory Membership in a POA
When a property is subject to mandatory membership in an HOA (Property Owners Association), the TREC Addendum for Property Subject to Mandatory Membership in a Property Owners Association must be included. This addendum addresses HOA fees, assessments, and the buyer's right to review HOA documents.
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A seller in Texas wants to sell his property 'as is' without any repairs. The seller asks his license holder to delete the property condition paragraph from the TREC promulgated contract. The license holder should:
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A Texas license holder receives a purchase offer from a buyer's agent. The offer uses the correct TREC promulgated form, but the buyer's agent has typed additional paragraphs on a separate page labeled 'Additional Contract Terms' and attached it to the form. These terms were not drafted by an attorney. What should the listing agent advise?