| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 89R3423 DRS-F | |
| 2 | 2 | By: Bernal H.B. No. 622 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | ||
| 6 | 6 | ||
| 7 | 7 | A BILL TO BE ENTITLED | |
| 8 | 8 | AN ACT | |
| 9 | 9 | relating to mandatory sales price disclosure in commercial and | |
| 10 | 10 | industrial real property sales; providing a civil penalty. | |
| 11 | 11 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 12 | 12 | SECTION 1. Chapter 12, Property Code, is amended by adding | |
| 13 | 13 | Section 12.0014 to read as follows: | |
| 14 | 14 | Sec. 12.0014. MANDATORY SALES PRICE DISCLOSURE IN | |
| 15 | 15 | COMMERCIAL AND INDUSTRIAL REAL PROPERTY SALES. (a) A person may | |
| 16 | 16 | not file for record or have recorded in the county clerk's office an | |
| 17 | 17 | instrument conveying commercial or industrial real property under a | |
| 18 | 18 | contract for sale unless the instrument discloses the sales price | |
| 19 | 19 | of the property. | |
| 20 | 20 | (b) The purchaser of any property for which an instrument is | |
| 21 | 21 | recorded in violation of Subsection (a) is liable to the state for a | |
| 22 | 22 | civil penalty for each violation in an amount equal to five percent | |
| 23 | 23 | of the sales price of the property. | |
| 24 | 24 | (c) The attorney general or the county or district attorney | |
| 25 | 25 | for the county in which the property is located may bring suit to | |
| 26 | 26 | recover a penalty under this section. | |
| 27 | 27 | (d) This section does not apply to an instrument conveying | |
| 28 | 28 | only a mineral interest in real property. | |
| 29 | 29 | SECTION 2. This Act takes effect September 1, 2025. |