Bill Text: TX SB299 | 2011-2012 | 82nd Legislature | Introduced

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Bill Title: Relating to mandatory sales price disclosure in real property sales; providing a civil penalty.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2011-01-31 - Referred to Intergovernmental Relations [SB299 Detail]

Download: Texas-2011-SB299-Introduced.html

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82R1726 TJS-D
By: Wentworth S.B. No. 299

A BILL TO BE ENTITLED
AN ACT
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 12.0012 to read as follows:
Sec. 12.0012. 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, 2011.