Resale Certificate (POA)
The statutory disclosure a Texas property owners association issues on resale, reporting assessments, restrictions, and known violations.
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What does Resale Certificate (POA) mean on the Texas real estate exam?
Answer: The statutory disclosure a Texas property owners association issues on resale, reporting assessments, restrictions, and known violations.
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Resale Certificate (POA) definition
A resale certificate is the document a property owners association delivers when a lot subject to mandatory membership is resold. Texas Property Code Chapter 207 lists what it must state, including the amount of regular and special assessments, sums due to the association, capital or reserve amounts held, any known violation of the dedicatory instruments, and whether the association has given notice of a required repair.
In a resale transaction the buyer usually receives the certificate along with the dedicatory instruments through the TREC addendum for property subject to mandatory membership in a property owners association. The addendum sets who pays, who orders it, the delivery deadline, and the buyer's right to terminate if the certificate is not delivered on time.
The certificate is a snapshot of the association's records. It reports what the association knows, and a person is generally entitled to rely on it, but it does not substitute for the seller's own disclosure duties.
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Special Topics (Texas) (5 of 40 Texas State Law)
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