88R13293 DRS-F
 
  By: Parker S.B. No. 1374
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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.