How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 111513
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
10285032
Type Your Real Estate Law Question Here...
Law Educator, Esq. is online now
A new question is answered every 9 seconds

Dallas County, Texas. property to be sold by condo association

Customer Question

Dallas County, Texas. property to be sold by condo association for unpaid HOA fee in foreclosure sale. If I buy the property at auction, does the current owner have the option to pay me back within a number of days? If the condo has $5,000 and I pay $20,000 as highest bidder, does the current owner have to pay me back the $20,000 or just the $5,000 that was owed to HOA Fee?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
For a condominium in Texas, the right of redemption is 90-days. See: Tex. Prop. Code Ann. § 82.113. When the property is purchased by other than the condo association, then redemption is accomplished by paying the amounts due the Condo association, plus the purchase price paid by the investor, the amount of the deed recording fee, any amounts paid for taxes, penalties, and interest following the sale, and any costs incurred in connection with an eviction relating to the property. So the party seeking to reclaim the property has to repay you everything you spent (but there is no interest or premium due).

Related Real Estate Law Questions