Icon at Legacy West Addition

What Icon at Legacy West Addition's governing documents say

This is an individual restrictive covenant document recorded for a specific property at 6204 Preserve Drive, Plano, TX, within the Icon at Legacy West Addition. It is a contract between the builder (Perry Homes) and the original purchaser, not a community-wide rulebook. It primarily governs legal dispute resolution procedures, limitations on liability, and remedies for construction defects, and does not establish typical HOA rules or community standards.

• Dispute resolution: Mediation & Arbitration: All disputes between buyer and seller must first go to mediation, and then to binding arbitration (unless both waive mediation). The arbitration is conducted by a single arbitrator (or a panel of 3 if requested) under AAA rules, and the award is final with limited appeal rights.
• Waiver of jury trial & class actions: Both parties waive their right to a jury trial and agree that disputes will be resolved by the court without a jury. No class or consolidated claims are allowed without consent.
• Attorneys' fees & costs: The prevailing party in any dispute is entitled to recover reasonable attorneys' fees, expert fees, mediation and arbitration costs, and court costs, but only if that party recovers all relief sought.
• Two-year statute of limitations: Any claim arising from the contract or property must be brought within 2 years of accrual, which is presumed to be the closing date unless proven otherwise. Longer periods are waived.
• Limitation on damages: Damages recoverable by the purchaser are strictly limited to the purchase price (unless otherwise agreed). No special, consequential, or mental anguish damages are allowed, and no lost profits or increased costs are recoverable.
• Seller's repurchase option & rescission: If construction defect repairs exceed 5% of the property's market value, seller can repurchase the property at the original price plus certain costs. Seller also has a rescission option, and purchaser waives the right to specific performance.
• What this document doesn't cover: This document does not contain any community-standard rules such as pet restrictions, leasing limits, architectural review, parking, maintenance obligations, or homeowner assessments. It is a transactional covenant between buyer and seller, not a neighborhood covenant.

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.