Bill Text: TX HB234 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to mandatory sales price disclosure of commercial or industrial real property sales; providing a civil penalty.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-02-23 - Referred to Business & Industry [HB234 Detail]
Download: Texas-2023-HB234-Introduced.html
By: Bernal | H.B. No. 234 |
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relating to mandatory sales price disclosure of commercial or | ||
industrial 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 FOR | ||
COMMERCIAL AND INDUSTRIAL REAL PROPERTY. (a) A person may not file | ||
for record or have recorded in the county clerk's office an | ||
instrument conveying commercial or industrial real property under a | ||
contract for sale unless the instrument discloses the sales price | ||
of the property. | ||
(b) The purchaser of any commercial or industrial 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 commercial or | ||
industrial property. | ||
(c) The attorney general or the county or district attorney | ||
for the county in which the commercial or industrial 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, 2023. |