Contracts
TREC's Addendum for Property Subject to Mandatory Membership in an Owners Association (HOA Addendum) requires the seller to:
APay all outstanding HOA dues before closing
BProvide the buyer with HOA documents including the Declaration, Bylaws, Rules, and financial statements within a specified number of days✓ Correct
CGuarantee that the HOA will not raise dues for 3 years
DDisclose only the current monthly dues amount
Explanation
TREC's HOA Addendum requires the seller to provide HOA governing documents to the buyer within a specified period. The buyer has a review period to evaluate the documents. If the buyer disapproves, they may terminate and receive the earnest money back during the review period.
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