86R13231 MAW-D
By: Watson S.B. No. 1387
A BILL TO BE ENTITLED
AN ACT
relating to the content of certain Texas Real Estate Commission
contract forms for the sale of residential property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1101.155, Occupations Code, is amended
by adding Subsection (d) to read as follows:
(d) A contract form adopted by the commission for use in the
sale of residential property that is a single-family home, a
duplex, a triplex, or a fourplex must include a requirement that the
buyer disclose in the contract whether the buyer intends:
(1) to market the contract and assign it to another
buyer; or
(2) immediately on the closing of the sale, to sell the
property to another person in a transaction that will be effective
on the same date as the closing.
SECTION 2. Not later than December 1, 2019, the Texas Real
Estate Commission shall adopt the contract form required by Section
1101.155(d), Occupations Code, as added by this Act.
SECTION 3. This Act takes effect September 1, 2019.