Texas House Bill HB3279

Texas 2019 - 86th Regular

Caption

Relating to the content of certain Texas Real Estate Commission contract forms for the sale of residential property.

Impact

The bill is expected to have a significant impact on the real estate industry in Texas, particularly for residential sales. By mandating buyer disclosures, real estate agents and sellers will be more informed about the potential for property resales or assignments. This could lead to a shift in how real estate transactions are approached, as buyers will need to consider how their intentions might influence the sale process. Furthermore, it may also encourage buyers to be more thoughtful about their investment decisions, knowing that their plans will be formalized in the contract.

Summary

House Bill 3279 aims to amend the Texas Occupations Code by requiring the Texas Real Estate Commission to adopt specific contract forms for the sale of residential properties, including single-family homes, duplexes, triplexes, and fourplexes. A key feature of this bill is the new requirement that buyers must disclose their intentions regarding marketing or assigning the contract to another buyer, or selling the property immediately after the closing of the sale. This addition seeks to create greater transparency in real estate transactions and promote accountability among buyers.

Contention

While the bill is largely seen as a move toward improved transparency, there could be potential points of contention among stakeholders in the real estate market. Opponents may argue that the requirement could complicate transactions and deter potential buyers who are wary of strict disclosures. Additionally, there may be concerns about the implications of such disclosures on privacy and the overall ease of conducting real estate business. Supporters, on the other hand, advocate that such measures are essential for protecting all parties involved in the transaction and ensuring a fair market.