| 1 | 1 | | 88R13293 DRS-F |
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| 2 | 2 | | By: Parker S.B. No. 1374 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the right of a purchaser to terminate a contract of |
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| 8 | 8 | | purchase and sale of real property for failure to provide notice |
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| 9 | 9 | | that the property is located in a public improvement district. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 5.0141(b), Property Code, is amended to |
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| 12 | 12 | | read as follows: |
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| 13 | 13 | | (b) In the event a contract of purchase and sale is entered |
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| 14 | 14 | | into without the seller providing the notice, the purchaser is |
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| 15 | 15 | | entitled to terminate the contract for any reason, not later than |
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| 16 | 16 | | the seventh day after the date the purchaser receives the notice. A |
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| 17 | 17 | | purchaser may terminate the contract under this subsection only if |
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| 18 | 18 | | the municipality or county filed a copy of the service plan with the |
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| 19 | 19 | | county clerk in accordance with Section 372.013, Local Government |
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| 20 | 20 | | Code, before the date the contract was entered into. |
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| 21 | 21 | | SECTION 2. Section 5.0141, Property Code, as amended by |
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| 22 | 22 | | this Act, applies only to a sale or conveyance of property for which |
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| 23 | 23 | | a binding contract is executed on or after the effective date of |
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| 24 | 24 | | this Act. A sale or conveyance for which a binding contract is |
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| 25 | 25 | | executed before the effective date of this Act is governed by the |
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| 26 | 26 | | law in effect on the date the contract is executed, and the former |
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| 27 | 27 | | law is continued in effect for that purpose. |
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| 28 | 28 | | SECTION 3. This Act takes effect immediately if it receives |
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| 29 | 29 | | a vote of two-thirds of all the members elected to each house, as |
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| 30 | 30 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 31 | 31 | | Act does not receive the vote necessary for immediate effect, this |
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| 32 | 32 | | Act takes effect September 1, 2023. |
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