88R3063 ATP-D
By: Hinojosa H.B. No. 1057
A BILL TO BE ENTITLED
AN ACT
relating to restrictions on the purchase of a single-family home by
an investment firm.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 5, Property Code, is
amended by adding Section 5.0155 to read as follows:
Sec. 5.0155. LIMITATION ON CERTAIN PURCHASERS. (a) In this
section, "investment firm" means a corporation or trust engaged in
the business of investing the pooled capital of investors in
financial securities.
(b) An investment firm may not enter into an executory
contract to purchase a single-family home that is listed for sale
before the 30th day after the date the home is listed.
(c) A contract entered into in violation of this section is
voidable by the seller at any time before the contract is fully
executed.
SECTION 2. Section 5.0155, Property Code, as added by this
Act, applies only to an executory contract entered into on or after
the effective date of this Act.
SECTION 3. This Act takes effect September 1, 2023.