| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
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 5.0085 to read as follows: |
|
|
Sec. 5.0085. SELLER'S DISCLOSURE OF LOCATION OF CERTAIN |
|
|
REAL PROPERTY IN FLOODPLAIN. (a) In this section: |
|
|
(1) "100-year floodplain" means any area of land that: |
|
|
(A) is identified on the flood insurance rate map |
|
|
as a special flood hazard area, which is designated as Zone A, V, |
|
|
A99, AE, AO, AH, VE, or AR on the map; |
|
|
(B) has a one percent annual chance of flooding; |
|
|
and |
|
|
(C) may include a regulatory floodway, flood |
|
|
pool, or reservoir. |
|
|
(2) "Flood insurance rate map" means the most recent |
|
|
flood hazard map published by the Federal Emergency Management |
|
|
Agency under the National Flood Insurance Act of 1968 (42 U.S.C. |
|
|
Section 4001 et seq.). |
|
|
(b) 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 100-year floodplain. If |
|
|
any part of the property is located in a 100-year floodplain, the |
|
|
notice must include a copy of a current flood insurance rate map |
|
|
that indicates the part of the property that is located in the |
|
|
floodplain. |
|
|
(c) 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. |
|
|
(d) 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 100-year 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, 2023. |