Sarla Estates

What Sarla Estates's governing documents say

This is a Contract for Deed (seller-financed land sale) between a buyer and seller for a lot in Sarla Estates, not a community association governing document. It outlines the payment terms, obligations, and restrictions for the buyer/purchaser only — it does not create any HOA, condo, or neighborhood rules that bind residents generally.

• Purchase price & financing: Total price $36,900; down payment is acknowledged; balance of $35,400 financed at 10% annual interest, payable in 240 monthly installments (approx. 20 years). First payment due 09/17/2015.
• Late fees & prepayment: Late charge is the lesser of $50 or 8% of the late payment if received more than 7 days after due date. Past-due amounts bear interest at 15% per annum. Prepayment is allowed with no penalty; buyer receives a rebate of unearned interest.
• Default & remedies: If buyer fails to pay or violates terms (after any grace period per Texas Property Code), seller may declare the full balance due, cancel the contract and keep all payments as liquidated damages, or pursue eviction (forcible detainer). Buyer must surrender property upon cancellation.
• Improvements & alterations: Buyer may not make permanent improvements without seller’s prior written consent. Any improvements become seller’s property upon contract cancellation. Buyer must construct a residence on the lot within 2 years (per Exhibit A affidavit).
• Insurance & taxes: Buyer must obtain property insurance (hazard) and liability insurance, naming seller as additional insured. Buyer pays all taxes and assessments. Seller may require an escrow deposit for taxes and insurance (1/12 of annual estimated amount).
• Transfer & assignment: Buyer may not assign, sell, or lease the property without seller’s written consent. A $500 transfer fee applies upon assignment (subject to change). Seller may assign its rights freely.
• Property condition & utilities: Property is sold 'AS-IS, WHERE-IS' with no warranties from seller except title. A separate Utility Package includes membership in a water supply corporation and a septic system to be installed by an independent contractor. Buyer is responsible for all utility bills and maintenance.
• What this document doesn't cover: This is a contract for deed — it does not impose any community-wide rules, HOA restrictions, architectural guidelines, pet limits, parking rules, or any covenants that would apply to anyone other than the specific buyer and seller. There is no homeowners' association, condominium regime, or age restriction mentioned.

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.