Texas 2009 - 81st Regular

Texas Senate Bill SB372

Filed

12/16/08

Out of Senate Committee

Voted on by Senate

Out of House Committee

Voted on by House

Governor Action

Bill Becomes Law

Caption

Relating to the sale by the Brazos River Authority of certain residential and commercial lots in the immediate vicinity of Possum Kingdom Lake to leaseholders of those lots.

Impact

This legislation will affect state laws concerning property sales and leasing, specifically altering existing regulations to allow for the sale of land previously limited to leasehold agreements. The bill mandates the properties be sold at no less than fair market value, to be determined by an independent appraiser, which ensures that sales are conducted fairly and transparently. Furthermore, prospective buyers will be subject to various environmental and governance regulations to protect the ecological integrity of the area around Possum Kingdom Lake.

Summary

SB372 addresses the sale by the Brazos River Authority of certain residential and commercial lots located near Possum Kingdom Lake, specifically allowing leaseholders of these lots to purchase the property. The bill outlines the procedure and conditions under which leaseholders may express their intent to buy, including deadlines and application processes. A form for application must be made available within ninety days post-enactment to streamline the sales process, ensuring leaseholders have the opportunity to obtain ownership of the lots they currently occupy.

Contention

Notable points of contention surrounding SB372 include concerns about the environmental management of the lake and surrounding areas. The bill requires purchasers to abide by existing local, state, and federal laws related to water quality and environmental protection, potentially imposing restrictions on development. Additionally, some stakeholders might argue that the authority's control over property use, including rights related to easements and water levels, could lead to disputes between leaseholders and the authority. These contentious aspects reflect the balance between promoting property ownership and safeguarding ecological interests.

Latest SB372 Activity

Companion Bills

No companion bills found.

Similar Bills

NJ A4973

"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.

NJ S3913

US SB70

Tribal Trust Land Homeownership Act of 2023 This bill sets forth requirements for the processing of a proposed residential leasehold mortgage, business leasehold mortgage, land mortgage, or right-of-way document by the Bureau of Indian Affairs (BIA). The BIA must notify lenders upon receipt of such documentation, perform a preliminary review of such documents not later than 10 days after receipt, and approve or disapprove of such documents within 20 or 30 days, depending on the type of application. Additionally, the bill sets forth requirements for the BIA regarding (1) response times for the completion of certified title status reports, (2) notification of delays in processing, and (3) the form of notices and delivery of certain reports. The bill also provides relevant federal agencies and Indian tribes with read-only access to the Trust Asset and Accounting Management System maintained by the BIA. The Government Accountability Office must report on digitizing documents for the purpose of streamlining and expediting the completion of mortgage packages for residential mortgages on Indian land. Finally, the bill establishes within the BIA's Division of Real Estate Services the position of Realty Ombudsman.