Addendum Containing Notice Of Obligation To Pay Improvement District Assessment {53-0}

TREC No. 53-0 - ADDENDUM CONTAINING NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT. This form promulgated by the Texas Real Estate Commission (TREC), is a required disclosure form used in Texas real estate transactions involving properties located within a Public Improvement District (PID). This form notifies potential buyers that the property they are purchasing is subject to special assessments levied by a municipality or county for public improvements or services that benefit the property. These assessments, which help finance projects such as roads, utilities, landscaping, or other infrastructure improvements, may be paid in full at any time or in annual installments. The form explains that installment amounts may vary annually due to changes in interest, administrative costs, and other fees. It also warns that failure to pay the assessments may result in penalties, interest, a lien on the property, or even foreclosure. The seller must sign the form to disclose this obligation, and the buyer must acknowledge receipt of the notice before the effective date of a binding contract. www.FormsWorkflow.com