Bill Text: TX SB461 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to a seller's disclosure of the location of certain real property in a floodplain.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-09 - Referred to Business & Commerce [SB461 Detail]
Download: Texas-2021-SB461-Introduced.html
87R2100 NC-D | ||
By: Kolkhorst | S.B. No. 461 |
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relating to a seller's disclosure of the location of certain real | ||
property in a floodplain. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 5, Property Code, is | ||
amended by adding Section 5.020 to read as follows: | ||
Sec. 5.020. SELLER'S DISCLOSURE OF LOCATION OF CERTAIN REAL | ||
PROPERTY IN FLOODPLAIN. (a) A seller of a tract of real property | ||
that measures less than 15 acres and that does not have a residence | ||
located or being constructed on the property at the time of the sale | ||
shall provide to the purchaser of the property a written notice | ||
disclosing whether any part of the property is located in a | ||
floodplain. If any part of the property is located in a floodplain, | ||
the notice must include a copy of a current elevation certificate, | ||
topographical survey, plat, or flood map that indicates the part of | ||
the property that is located in the floodplain. | ||
(b) The notice must be delivered by the seller on or before | ||
the effective date of an executory contract binding the purchaser | ||
to purchase the property. | ||
(c) The purchaser is entitled to recover from the seller | ||
damages caused by flooding on any part of the purchased real | ||
property that is located in a floodplain if: | ||
(1) the seller fails to provide the purchaser the | ||
notice required by this section; and | ||
(2) the flooding occurs before the fifth anniversary | ||
of the date of the purchase. | ||
SECTION 2. This Act takes effect September 1, 2021. |