Texas 2009 - 81st Regular

Texas House Bill HB3502

Filed

Out of House Committee

4/22/09

Voted on by House

5/6/09

Out of Senate Committee

5/19/09

Voted on by Senate

5/26/09

Governor Action

6/19/09

Bill Becomes Law

Enrolled

5/31/09

Passed

6/19/09

Caption

Relating to acknowledgements required of a purchaser of residential real property in connection with the receipt of a seller's disclosure notice regarding the property.

Impact

If enacted, HB3502 would lead to significant changes in the requirements placed upon sellers of residential real estate in Texas. Among the requirements laid out in the revised seller's disclosure form would be the necessity for sellers to detail various aspects of property conditions, including any previous occurrences of hazardous material presence, infrastructural damage, or health and safety issues. The goal is to promote transparency within real estate transactions, subsequently improving buyer confidence and protection in the marketplace.

Summary

House Bill 3502 aims to amend Section 5.008 of the Texas Property Code, which governs the seller's disclosure notice required for residential real estate transactions. The bill seeks to standardize the information that sellers must disclose regarding the condition of their property. The proposed changes would enhance the clarity and comprehensiveness of the disclosure notice, ensuring that potential buyers are fully informed about any existing property conditions that may impact their purchasing decision.

Contention

The bill has faced some contention from industry groups who argue that the additional disclosures could raise the stakes for sellers and possibly lead to lower property values. Critics express concern that this could unintentionally create a liability atmosphere for sellers, who might feel pressured to disclose more than they are aware of, thereby complicating the selling process. On the other hand, proponents maintain that these disclosures are essential for protecting buyers and could ultimately lead to a healthier real estate market with informed purchasers.

Latest HB3502 Activity

Companion Bills

No companion bills found.

Previously Filed As

TX HB697

Relating to seller's disclosures regarding fuel gas piping in residential real property.

TX SB864

Relating to certain seller's disclosures for the sale of residential real property.

TX HB1256

Relating to seller's disclosure notice concerning special districts in which residential real property is located.

TX HB4950

Relating to an exemption from ad valorem taxation of the amount of the appraised value of real property that arises from the installation in the property of certain energy efficiency-related improvements.

TX SB2522

Relating to the notice given to purchasers of property within certain water districts.

TX HB1496

Relating to requiring the disclosure of taxes and fees charged for the short-term rental of residential property.

TX HB2816

Relating to notice provided to purchasers of property and information filed with the county clerk by certain special districts.

TX HB1864

Relating to the beneficiaries of trust funds paid or received in connection with an improvement on specific real property.

TX SB586

Relating to the beneficiaries of trust funds paid or received in connection with an improvement on specific real property.

TX HB5133

Relating to a requirement that an appraisal review board rely on an appraisal of residential real property prepared by an appraiser and submitted to the board by the property owner to determine a protest regarding the value of the property.