Bill Text: TX SB1374 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the right of a purchaser to terminate a contract of purchase and sale of real property for failure to provide notice that the property is located in a public improvement district.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-16 - Referred to Business & Commerce [SB1374 Detail]
Download: Texas-2023-SB1374-Introduced.html
| 88R13293 DRS-F | ||
| By: Parker | S.B. No. 1374 | |
|
|
||
|
|
||
| relating to the right of a purchaser to terminate a contract of | ||
| purchase and sale of real property for failure to provide notice | ||
| that the property is located in a public improvement district. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 5.0141(b), Property Code, is amended to | ||
| read as follows: | ||
| (b) In the event a contract of purchase and sale is entered | ||
| into without the seller providing the notice, the purchaser is | ||
| entitled to terminate the contract for any reason, not later than | ||
| the seventh day after the date the purchaser receives the notice. A | ||
| purchaser may terminate the contract under this subsection only if | ||
| the municipality or county filed a copy of the service plan with the | ||
| county clerk in accordance with Section 372.013, Local Government | ||
| Code, before the date the contract was entered into. | ||
| SECTION 2. Section 5.0141, Property Code, as amended by | ||
| this Act, applies only to a sale or conveyance of property for which | ||
| a binding contract is executed on or after the effective date of | ||
| this Act. A sale or conveyance for which a binding contract is | ||
| executed before the effective date of this Act is governed by the | ||
| law in effect on the date the contract is executed, and the former | ||
| law is continued in effect for that purpose. | ||
| SECTION 3. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2023. | ||
