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.
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, 2025.
