Bill Text: TX SB1387 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the content of certain Texas Real Estate Commission contract forms for the sale of residential property.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-14 - Referred to Business & Commerce [SB1387 Detail]
Download: Texas-2019-SB1387-Introduced.html
| 86R13231 MAW-D | ||
| By: Watson | S.B. No. 1387 | |
|
|
||
|
|
||
| relating to the content of certain Texas Real Estate Commission | ||
| contract forms for the sale of residential property. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 1101.155, Occupations Code, is amended | ||
| by adding Subsection (d) to read as follows: | ||
| (d) A contract form adopted by the commission for use in the | ||
| sale of residential property that is a single-family home, a | ||
| duplex, a triplex, or a fourplex must include a requirement that the | ||
| buyer disclose in the contract whether the buyer intends: | ||
| (1) to market the contract and assign it to another | ||
| buyer; or | ||
| (2) immediately on the closing of the sale, to sell the | ||
| property to another person in a transaction that will be effective | ||
| on the same date as the closing. | ||
| SECTION 2. Not later than December 1, 2019, the Texas Real | ||
| Estate Commission shall adopt the contract form required by Section | ||
| 1101.155(d), Occupations Code, as added by this Act. | ||
| SECTION 3. This Act takes effect September 1, 2019. | ||
