M3 Ranch Ph 1A

What M3 Ranch Ph 1A's governing documents say

This is a set of individual lot-specific restrictive covenants for a property in M3 Ranch Phase 1A (Mansfield, TX), recorded by the developer Perry Homes. It is not a full community rulebook — it mainly governs legal dispute resolution between the buyer and seller, including mandatory arbitration, waiver of jury trial, limits on claims and damages, and the seller's right to rescind or repurchase the property. The document binds current and future owners and runs with the land for 15 years.

• Mandatory arbitration: Any dispute between buyer and seller (including related parties) must first go to mediation, then to binding arbitration under the Federal Arbitration Act. The arbitrator may not consolidate claims or hear class actions. Purchaser pays up to $375 (or home construction rules fee), seller pays the rest; purchaser's total fees capped at $750.
• Jury trial waiver: If arbitration is not enforced, the parties waive their right to a jury trial and agree to a bench trial. This waiver is binding on all future owners and occupants.
• Limitations on claims and damages: Any claim must be brought within 2 years after closing (presumed accrual date). Damages are strictly limited to those under the Texas Residential Construction Liability Act, and cannot exceed the purchase price. No special, indirect, consequential, or punitive damages are allowed.
• Seller's rescission option: After a dispute arises, seller may elect rescission: refund the purchase price plus improvements, and buyer must convey the property back. This extinguishes all other claims. Only seller can choose this remedy.
• Seller's repurchase option: If construction defects exceed 5% (or 20% in the first document) of fair market value, seller may repurchase the property at the original price, plus closing costs, attorney fees, and moving expenses. This applies only to disputes under Texas Property Code Chapter 27.
• What this document doesn't cover: This document does not contain typical HOA or community rules such as pet restrictions, parking rules, landscaping standards, architectural review, or leasing limits. It solely focuses on the developer-seller's legal relationship with the lot owner.

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.