37 4, Subdivision Information, Including Resale Certificate for
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People also ask
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Who normally pays for a resale certificate in Texas?
The Cost. The cost for obtaining a resale certificate in Texas is capped at $375. Since it is the seller's responsibility to provide it, the seller typically pays this expense at the time it is ordered. HOA management companies usually expect payment upfront before they will process an order.
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Who pays for a resale certificate in PA?
This package includes the resale certificate, governing documents, and financial documents for the homeowners association. The seller is responsible for providing those documents, including the costs to procure them.
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What is a HOA resale certificate in Texas?
Other than information concerning the HOA itself, the HOA resale certificate also discloses the financial standing of the seller with the association. This includes any unpaid fees or past-due payments as well as all the fees that must be settled upon closing.
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How long does it take to get a condo resale certificate in Texas?
HOA management companies usually expect payment upfront before they will process an order. By Texas law, they have 10 business days (usually 14 calendar days) to deliver the resale certificate and documents once the order is placed and payment is received. There is no restriction on rush or demand fees.
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What is a resale certificate in Texas?
The resale certificate is the seller's evidence as to why sales tax was not collected on that transaction and should be retained in the seller's books and records for four years.
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How long are HOA resale certificates good for in Texas?
The HOA Resale Certificate doesn't actually contain an expiration date. However, the lender for the transaction may require that the HOA's Resale Certificate be prepared within a particular timeframe. Therefore these Certificates are typically requested during the escrow period of the contract.
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Who pays for the HOA resale package in Texas?
Usually the resale certificate is considered part of the transfer fees to transfer the property from the seller to the buyer. This cost is normally borne by the buyer. However, the parties in the purchase and sale contract can agree to have the seller pay it or to split the cost instead of it being a buyer cost.
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What is a resale certificate for HOA in Texas?
The resale certificate gives specific information about the property that is being sold and where it stands with the HOA; this incudes disclosing any past-due payments or unpaid violations, any pending violations, and all fees that are due upon closing.
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