Relating to mandatory sales price disclosure in real property sales; providing a civil penalty.
Impact
The implications of HB 133 on Texas state laws are significant, as it creates new requirements for real property transactions. By enforcing mandatory sales price disclosures, the bill seeks to provide a clearer understanding of market activity, which could assist in taxation and appraisal processes. The disclosure data will not be utilized as the sole basis for adjusting property appraisals, ensuring that sales price information is only one part of a larger evaluation process.
Summary
House Bill 133 mandates that any instrument for the sale of real property must be accompanied by a sales price disclosure form. This requirement aims to enhance transparency in real estate transactions by ensuring that the sale price and relevant details are publicly recorded. The bill establishes specific provisions regarding the content of the sales price disclosure form, including necessary details about the sale price, financing methods, and any conditions that may affect the sales price.
Contention
While the bill is aimed at improving transparency and enforcing accountability within real estate markets, it may face opposition concerning the imposition of civil penalties for non-compliance. The bill stipulates penalties that include fines based on the sales price if a disclosure form is not filed or contains inaccuracies. Critics may argue that such penalties could disproportionately impact smaller transactions or less experienced sellers unfamiliar with the requirements, raising concerns about fairness and access in the real estate market.
Relating to restrictions on the use and disclosure of certain genetic material and genetic information; providing a civil penalty; creating a criminal offense.