Addendum For Property Subject To Mandatory Membership In A Property Owners Association {36-10}

TREC NO. 36-10 - ADDENDUM FOR PROPERTY SUBJECT TO MANDATORY MEMBERSHIP IN A PROPERTY OWNERS ASSOCIATION (NOT FOR USE WITH CONDOMINIUMS). This form promulgated by the Texas Real Estate Commission (TREC) is used in residential real estate transactions where the property being sold is part of a subdivision governed by a mandatory property owners association (POA). This addendum, which is not applicable to condominiums, supplements the main purchase contract by outlining the responsibilities of the buyer and seller in relation to obtaining and reviewing important POA documents, referred to as “Subdivision Information.” These documents include the association’s restrictions, bylaws, rules, and a resale certificate as defined under Section 207.003 of the Texas Property Code. The addendum provides multiple options for how and when this information is obtained and who is responsible for its cost—either the seller or the buyer. It also outlines the buyer’s right to terminate the contract if the information is not received in a timely manner or contains material inaccuracies. The form addresses payment of any POA-related transfer fees, obligations regarding changes to POA information, and authorization for the association to release necessary documents to parties involved in the transaction. Lastly, it includes a notice to buyers that the association may be responsible for repairs to portions of the property and advises them to confirm that any needed repairs will be addressed before proceeding with the purchase. www.FormsWorkflow.com