There are several changes to Texas Laws that affect real estate professionals, property owners, and tenants that will go into effect January 1, 2012. Below is Part III in a series that discusses the new changes. Look on our Blog to read Parts I and II and come back tomorrow for the final Part IV in this series.
On January 1, one of the changes taking place affects both property owners and tenants. Homeowners Associations will have new rules for foreclosures, finances, and more. There are new guidelines for maintaining association documents, providing access to association records, and conducting open meetings. Also, unless waived in writing by a property owner, a homeowner HOAs will be required to use an “expedited foreclosure” process, which includes obtaining a court order, before foreclosing against a property owner. Property owners can now add or remove an HOA’s foreclosure power by a two-thirds vote of association members. HOAs are also prohibited under the new laws from foreclosing a debt consisting solely of fees charged for obtaining copies of HOA records. Another change dictates the order by which an HOA must apply owners’ payments: delinquent assessments, current assessments, attorneys’ fees, and fines—affecting their ability to foreclose. The notice that must be given to a property owner by an association before it can take certain actions against the owner, including foreclosure proceedings, must now inform the owner that he may have special rights or relief if the owner is on active military duty. To learn more about these changes, contact your HOA where you are going to be purchasing your new home if you have questions. As always, RREA Agents are available to take your calls and help you purchase your next home in Texas – 281.288.3500.
