Canyon Falls Master Community, Inc.

What Canyon Falls Master Community, Inc.'s governing documents say

This is a set of individual 'Declaration of Restrictive Covenants' documents, each recorded for a specific single-family home lot within the Canyon Falls master-planned community in Northlake, Texas. These are not community-wide HOA rules; they are lot-specific covenants that bind the current and future owners of that particular property, primarily covering dispute resolution and remedies between the buyer and the builder (Perry Homes).

• What this document covers: Each declaration applies to a single lot (e.g., Lot 5, Block B or Lot 7, Block C) and runs with the land for 15 years from the closing date. It binds the original buyer and all future owners and occupants of that property.
• Dispute resolution: mediation & binding arbitration: Any dispute between the owner and the builder (or related parties) must first go to mediation, then to binding arbitration under the Federal Arbitration Act — not to court. The owner's upfront arbitration filing fee is capped at $375 (or the Home Construction Rules fee), and total owner-side arbitration fees are capped at $750 for a single arbitrator.
• Jury trial waiver: If arbitration is not enforced, both the owner and the builder waive their right to a jury trial in any court proceeding related to the property or the purchase contract.
• Time limits & damages: Any claim against the builder must be filed within 2 years of the closing date (or when the cause of action accrues, presumed to be closing). Damages are limited to those allowed under the Texas Residential Construction Liability Act, and the owner waives claims for indirect, consequential, punitive, or mental anguish damages.
• Builder's buyback options: In a construction-defect dispute, the builder has the sole right to rescind the sale (refund the purchase price plus certain costs) or repurchase the home under Texas law if repair costs exceed 20% of the home's fair market value. The owner cannot force a buyback.
• What this document doesn't cover: These declarations do not contain community-wide rules about pets, rentals, architectural review, or HOA fees. They are ancillary to the master community's CC&Rs and focus only on the buyer-builder relationship for a specific lot.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.