Texas Register, Volume 34, Number 14, Pages 2201-2312, April 3, 2009 Page: 2,250
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PROPERTY TAXES: Manufactured homes are appraised and subject to property taxes.
Depending on the type of loan you have, your lender may escrow for these taxes, and this will
increase your monthly payments. Whether you select personal property or real property status for
your home may impact any homestead exemption that you may obtain to reduce your tax liability.
Talk with the county tax office if you have any questions. Failing to pay your taxes or make
arrangements with the tax assessor-collector may place you at risk of having tax liens recorded on
your home and, possibly, having the home foreclosed for non-payment of taxes. If you do not have
a lender that escrows for the taxes, the tax assessor-collector will work out an escrow arrangement
with you if requested.
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INSURANCE: Your lender will almost certainly require you to obtain insurance. You should
request quotes from the agent of your choice to obtain the insurance. Even if you do not have a
lender, it is a good idea to obtain insurance to protect your home and yourself.
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THE TEXAS MANUFACTURED HOMEOWNERS' RECOVERY TRUST FUND (the
"FUND"): The Fund is established by law to protect consumers who incur certain actual damages
arising from specified violations of law involving acts or omissions of licensees. To learn more
about the Fund you can check the Department's website at: www.tdhca.state.tx.us/mh or call the
Department for a printed description of the Fund and how it works. Claims on the Fund must be
verified and must be made within two years from the date of the act or omission or when it was
discovered or reasonably should have been discovered.
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RIGHT OF RESCISSION: Once you enter into a contract with a selling retailer to
acquire a manufactured home, you have a right to rescind the contract. You may, not
later than the third day after the applicable contract is signed, rescind the contract
without penalty or charge. The right to rescind may be modified or waived only if
you have a bona fide emergency. The Department has rules about the detailed
requirements for waivers and modifications. If you grant someone other than the
retailer a lien on the home you are buying, the right of rescission automatically goes
away when the lien is recorded with the TDHCA.
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MHD FORM 1038 / CONS_DISCL.DOC Page 5 of 6 Proposed Form34 TexReg 2250 April 3, 2009
Texas Register
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Texas. Secretary of State. Texas Register, Volume 34, Number 14, Pages 2201-2312, April 3, 2009, periodical, April 3, 2009; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth90846/m1/45/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.