New HOA Laws
That’s Shana Acquisto, she’s a real estate broker. She knows what she’s doing. We’re going to talk about HOA laws, brand new ones that are coming in brand new and how they affect buyers and sellers. Shana has got a ton of notes. We have the document. We’re going to split the screen right now.
So show you we know the way addendum changed earlier in the year in May. And now what’s passed through legislature are some way. There’s a big way reform and some new laws have passed. So this is exciting because what is a huge frustration to realtors is the fact that we don’t know what all these extra fees are until we go to closing, that the highway charges our clients. So it’s it’s it’s kind of confusing. So now, thanks to Texas Realtors.
So this is why one of the reasons that we support Trepac, because this is all going on behind the scenes and they’re fighting for for, you know, property rights and homeowner rights while we’re doing our day to day business.
So let’s talk about what some of these changes are. So one. We’re going to know what these fees are up front because they have a fixed price for the resale certificate now, which is 375, and they have a fixed price for the transfer fee, which is seventy five dollars. So that’s great. And the best part of this is all the fees associated with the transfer of the property must be filed, recorded and submitted to track. So Truck is going to have this information. So we’re going to be able to go on the website and find it.
Hey, that’s pretty good. So I think that’s really great. All right, super excited about that.
So is there something we should show up here?
So we’ve got the addendum up and you know, with that in effect, I want to talk about this and how this will affect you if you’re a buyer or seller. OK, so if you can scroll down to see. Should be. Good to see, so our old addendum had, you know, this kind of split in half where the deposits and reserves were the responsibility of the buyer. OK, so back in May, they changed the addendum to where all of the fees can be negotiated now. So in here, what you need to know, it’s not just a resale certificate or a transfer fee.
There’s deposits, capital improvement fees or funds. There’s all these different fees that they charge you in addition to just to resell certificate. So now we’re going to know what those are and it’s going to better help you negotiate these into the contract. So one thing to point out, if you are a seller and you were the buyer a couple of years ago, you may have thought, ha, you know, I didn’t have to pay those or I did have to pay those. So then. Now, fast forward to now. If you’re selling, you may think that’s a buyer’s responsibility, but it could also be a seller’s responsibility because now it’s able to be negotiated in.
So you definitely want to be careful with that and know what those fees are up front and know that they can be negotiated. So, again, shout out to Texas Realtors for pushing this reform, I think it’s great if there’s a lot more to it, if you guys want to look it up, but it just brings a lot of transparency and protection to homeowners. And I think the always got a little out of control with some of these things and it just keeps them in check. So it’s all good stuff.
So you said Tarek is in charge of certain things here.
Yeah. TREC is going to have this database available for us to be able to go in and know what all these fees are. You’re going to be able to know the website the way so you can find all of this information.
That’s super scary to me because it does not have a good track record with me in particular. They seem to have this website that’s very I don’t know how you say nineteen ninety six ish and they haven’t moved on since then. So there’s a lot of things that I can’t do there. There’s a lot of people I can’t reach. It seems like there’s a lot hidden,
But I think there it’s a work in progress and I think they’re going through their own little reform and I think it’s going to get better. All right. I’m optimistic about it if you are, but TREC, you’re on notice. Be better.