By: Bernal H.B. No. 234
A BILL TO BE ENTITLED
AN ACT
relating to mandatory sales price disclosure of commercial or
industrial real property sales; providing a civil penalty.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 12, Property Code, is amended by adding
Section 12.0014 to read as follows:
Sec. 12.0014. MANDATORY SALES PRICE DISCLOSURE FOR
COMMERCIAL AND INDUSTRIAL REAL PROPERTY. (a) A person may not file
for record or have recorded in the county clerk's office an
instrument conveying commercial or industrial real property under a
contract for sale unless the instrument discloses the sales price
of the property.
(b) The purchaser of any commercial or industrial property
for which an instrument is recorded in violation of Subsection (a)
is liable to the state for a civil penalty for each violation in an
amount equal to five percent of the sales price of the commercial or
industrial property.
(c) The attorney general or the county or district attorney
for the county in which the commercial or industrial property is
located may bring suit to recover a penalty under this section.
(d) This section does not apply to an instrument conveying
only a mineral interest in real property.
SECTION 2. This Act takes effect September 1, 2023.