Attention: Texas Real Estate Agents Avoid HOA Fee Disputes
Did you know TREC (Texas Real Estate Commission) updated their contracts?
We are running into the same dispute between sellers and buyers whose properties are part of an HOA due to the changes in the standard contract last year.
Previously, the contract stated the SELLER would pay a fixed amount towards HOA fees and the Buyer would pay the remaining.
TREC contracts now state the opposite.
Now, The BUYER now pays a fixed amount towards HOA fees and the Seller pays the remaining.
The situation gets tricky as many selling agents are pushing back as sellers suddenly realize they are being stuck with a larger amount of transfer fees unknown before ordering HOA documents.
Selling agents can avoid these disputes by asking the HOA ahead of time of typical fees associated with transfer to ensure they account for a sufficient amount for the buyer to cover.
More specifically:
TREC Residential Condominium Contract, Section 12 A (3)
TREC Addendum Subject to Mandatory Membership in a Property Owners Association, Paragraph C