Bill Text: TX HB1101 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to mandatory sales price disclosure in real property sales; providing a civil penalty.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-04-20 - Left pending in committee [HB1101 Detail]
Download: Texas-2021-HB1101-Introduced.html
87R3643 DRS-F | ||
By: Beckley | H.B. No. 1101 |
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relating to mandatory sales price disclosure in real property | ||
sales; providing a civil penalty. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Chapter 12, Property Code, is amended by adding | ||
Section 12.0014 to read as follows: | ||
Sec. 12.0014. MANDATORY SALES PRICE DISCLOSURE. (a) A | ||
person may not file for record or have recorded in the county | ||
clerk's office an instrument conveying real property under a | ||
contract for sale unless the instrument discloses the sales price | ||
of the property. | ||
(b) The purchaser of any property for which an instrument is | ||
recorded in violation of Subsection (a) is liable to the state for a | ||
civil penalty for each violation in an amount equal to five percent | ||
of the sales price of the property. | ||
(c) The attorney general or the county or district attorney | ||
for the county in which the property is located may bring suit to | ||
recover a penalty under this section. | ||
(d) This section does not apply to an instrument conveying | ||
only a mineral interest in real property. | ||
SECTION 2. This Act takes effect September 1, 2021. |