Bill Text: TX HB4277 | 2023-2024 | 88th Legislature | Comm Sub
Bill Title: Relating to the right of a purchaser to terminate a contract of purchase and sale of real property for failure to provide notice that the property is located in a public improvement district.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2023-05-24 - Removed from local & uncontested calendar [HB4277 Detail]
Download: Texas-2023-HB4277-Comm_Sub.html
| By: Longoria (Senate Sponsor - Parker) | H.B. No. 4277 | |
| (In the Senate - Received from the House May 8, 2023; | ||
| May 9, 2023, read first time and referred to Committee on Business & | ||
| Commerce; May 18, 2023, reported favorably by the following vote: | ||
| Yeas 10, Nays 0; May 18, 2023, sent to printer.) | ||
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| relating to the right of a purchaser to terminate a contract of | ||
| purchase and sale of real property for failure to provide notice | ||
| that the property is located in a public improvement district. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 5.0141(b), Property Code, is amended to | ||
| read as follows: | ||
| (b) In the event a contract of purchase and sale is entered | ||
| into without the seller providing the notice, the purchaser is | ||
| entitled to terminate the contract for any reason, not later than | ||
| the seventh day after the date the purchaser receives the notice. A | ||
| purchaser may terminate the contract under this subsection only if | ||
| the municipality or county filed a copy of the service plan with the | ||
| county clerk in accordance with Section 372.013, Local Government | ||
| Code, before the date the contract was entered into. | ||
| SECTION 2. Section 5.0141, Property Code, as amended by | ||
| this Act, applies only to a sale or conveyance of property for which | ||
| a binding contract is executed on or after the effective date of | ||
| this Act. A sale or conveyance for which a binding contract is | ||
| executed before the effective date of this Act is governed by the | ||
| law in effect on the date the contract is executed, and the former | ||
| law is continued in effect for that purpose. | ||
| SECTION 3. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2023. | ||
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