| 1 | 1 | | By: Bernal H.B. No. 234 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to mandatory sales price disclosure of commercial or |
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| 7 | 7 | | industrial real property sales; providing a civil penalty. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Chapter 12, Property Code, is amended by adding |
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| 10 | 10 | | Section 12.0014 to read as follows: |
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| 11 | 11 | | Sec. 12.0014. MANDATORY SALES PRICE DISCLOSURE FOR |
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| 12 | 12 | | COMMERCIAL AND INDUSTRIAL REAL PROPERTY. (a) A person may not file |
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| 13 | 13 | | for record or have recorded in the county clerk's office an |
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| 14 | 14 | | instrument conveying commercial or industrial real property under a |
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| 15 | 15 | | contract for sale unless the instrument discloses the sales price |
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| 16 | 16 | | of the property. |
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| 17 | 17 | | (b) The purchaser of any commercial or industrial property |
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| 18 | 18 | | for which an instrument is recorded in violation of Subsection (a) |
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| 19 | 19 | | is liable to the state for a civil penalty for each violation in an |
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| 20 | 20 | | amount equal to five percent of the sales price of the commercial or |
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| 21 | 21 | | industrial property. |
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| 22 | 22 | | (c) The attorney general or the county or district attorney |
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| 23 | 23 | | for the county in which the commercial or industrial property is |
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| 24 | 24 | | located may bring suit to recover a penalty under this section. |
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| 25 | 25 | | (d) This section does not apply to an instrument conveying |
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| 26 | 26 | | only a mineral interest in real property. |
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| 27 | 27 | | SECTION 2. This Act takes effect September 1, 2023. |
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