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A BILL TO BE ENTITLED
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AN ACT
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relating to the content of certain Texas Real Estate Commission |
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contract forms for the sale of residential property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1101.155, Occupations Code, is amended |
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by adding Subsection (d) to read as follows: |
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(d) A contract form adopted by the commission for use in the |
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sale of residential property that is a single-family home, a |
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duplex, a triplex, or a fourplex must include a requirement that the |
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buyer disclose in the contract whether the buyer intends: |
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(1) to market the contract and assign it to another |
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buyer; or |
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(2) immediately on the closing of the sale, to sell the |
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property to another person in a transaction that will be effective |
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on the same date as the closing. |
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SECTION 2. Not later than December 1, 2019, the Texas Real |
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Estate Commission shall adopt the contract form required by Section |
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1101.155(d), Occupations Code, as added by this Act. |
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SECTION 3. This Act takes effect September 1, 2019. |