Notice To Purchaser Of Special Taxing Or Assessment District {59-0}

TREC No. 59-0 - NOTICE TO PURCHASER OF SPECIAL TAXING OR ASSESSMENT DISTRICT. This form promulgated by the Texas Real Estate Commission (TREC), is a disclosure form used in real estate transactions to inform a buyer that the property they are purchasing is located within a special taxing or assessment district. This form is required under Section 49.453 of the Texas Water Code and is intended to provide transparency regarding the potential financial obligations that come with owning property in such a district. It notifies the purchaser of the name of the special district, current or projected property tax rates, and any assessments or standby fees that may apply. The form also outlines any bonds that have been authorized or issued by the district for facilities such as water, sewer, drainage, roads, or parks. The form discloses whether the property is located within or near a municipality’s boundaries or extraterritorial jurisdiction and if a strategic partnership agreement is in place with a city. It clarifies that these charges are not included in the property’s purchase price and may change annually. Both the seller and buyer must sign the form, confirming that the buyer received this notice prior to executing a binding contract or at the time of closing. www.FormsWorkflow.com