Under the TREC Addendum for Property Subject to Mandatory Membership in a Property Owners Association, the buyer has the right to review HOA documents. All of the following are typically included in the HOA resale certificate EXCEPT:
Correct Answer
A) The future market value of homes in the subdivision as projected by the HOA
The HOA resale certificate does not include projections of future market values. Market value projections are speculative and are not within the scope of the HOA's disclosure obligations.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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