| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 86R13231 MAW-D | |
| 2 | 2 | By: Thompson of Harris H.B. No. 3279 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the content of certain Texas Real Estate Commission | |
| 8 | 8 | contract forms for the sale of residential property. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 1101.155, Occupations Code, is amended | |
| 11 | 11 | by adding Subsection (d) to read as follows: | |
| 12 | 12 | (d) A contract form adopted by the commission for use in the | |
| 13 | 13 | sale of residential property that is a single-family home, a | |
| 14 | 14 | duplex, a triplex, or a fourplex must include a requirement that the | |
| 15 | 15 | buyer disclose in the contract whether the buyer intends: | |
| 16 | 16 | (1) to market the contract and assign it to another | |
| 17 | 17 | buyer; or | |
| 18 | 18 | (2) immediately on the closing of the sale, to sell the | |
| 19 | 19 | property to another person in a transaction that will be effective | |
| 20 | 20 | on the same date as the closing. | |
| 21 | 21 | SECTION 2. Not later than December 1, 2019, the Texas Real | |
| 22 | 22 | Estate Commission shall adopt the contract form required by Section | |
| 23 | 23 | 1101.155(d), Occupations Code, as added by this Act. | |
| 24 | 24 | SECTION 3. This Act takes effect September 1, 2019. |