| 1 | 1 | | 84R5529 PMO-D |
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| 2 | 2 | | By: Kolkhorst S.B. No. 483 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to notice of water level fluctuations to purchasers of |
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| 8 | 8 | | real property adjoining an impoundment of water. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter A, Chapter 5, Property Code, is |
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| 11 | 11 | | amended by adding Section 5.019 to read as follows: |
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| 12 | 12 | | Sec. 5.019. NOTICE OF WATER LEVEL FLUCTUATIONS. (a) This |
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| 13 | 13 | | section applies only to the sale of residential or commercial real |
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| 14 | 14 | | property adjoining an impoundment of water, including a reservoir |
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| 15 | 15 | | or lake, constructed and maintained under Chapter 11, Water Code, |
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| 16 | 16 | | that has a storage capacity of at least 5,000 acre-feet at the |
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| 17 | 17 | | impoundment's normal operating level. |
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| 18 | 18 | | (b) A seller of real property shall give to the purchaser of |
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| 19 | 19 | | the property a written notice in substantially the following form: |
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| 20 | 20 | | NOTICE OF WATER LEVEL FLUCTUATIONS |
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| 21 | 21 | | The water level of the impoundment of water adjoining the |
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| 22 | 22 | | property at ______________ (street address and city) or described |
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| 23 | 23 | | as ______________ (legal description) fluctuates for various |
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| 24 | 24 | | reasons, including as a result of: |
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| 25 | 25 | | (1) an entity lawfully exercising its right to use the |
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| 26 | 26 | | water stored in the impoundment; or |
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| 27 | 27 | | (2) drought or flood conditions. |
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| 28 | 28 | | (c) The notice described by Subsection (b) shall be |
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| 29 | 29 | | delivered by the seller to the purchaser on or before the effective |
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| 30 | 30 | | date of an executory contract binding the purchaser to purchase the |
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| 31 | 31 | | property. If a contract is entered into without the seller |
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| 32 | 32 | | providing the notice required by this section, the purchaser may |
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| 33 | 33 | | terminate the contract for any reason within seven days after |
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| 34 | 34 | | receiving the notice. |
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| 35 | 35 | | SECTION 2. Section 5.019, Property Code, as added by this |
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| 36 | 36 | | Act, applies only to an executory contract entered into on or after |
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| 37 | 37 | | the effective date of this Act. An executory contract entered into |
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| 38 | 38 | | before the effective date of this Act is governed by the law as it |
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| 39 | 39 | | existed immediately before the effective date of this Act, and that |
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| 40 | 40 | | law is continued in effect for that purpose. |
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| 41 | 41 | | SECTION 3. This Act takes effect September 1, 2015. |
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