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A BILL TO BE ENTITLED
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AN ACT
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relating to the right of a purchaser to terminate a contract of |
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purchase and sale of real property for failure to provide notice |
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that the property is located in a public improvement district. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 5.0141(b), Property Code, is amended to |
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read as follows: |
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(b) In the event a contract of purchase and sale is entered |
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into without the seller providing the notice, the purchaser is |
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entitled to terminate the contract for any reason, not later than |
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the seventh day after the date the purchaser receives the notice. A |
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purchaser may terminate the contract under this subsection only if |
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the municipality or county filed a copy of the service plan with the |
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county clerk in accordance with Section 372.013, Local Government |
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Code, before the date the contract was entered into. |
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SECTION 2. Section 5.0141, Property Code, as amended by |
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this Act, applies only to a sale or conveyance of property for which |
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a binding contract is executed on or after the effective date of |
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this Act. A sale or conveyance for which a binding contract is |
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executed before the effective date of this Act is governed by the |
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law in effect on the date the contract is executed, and the former |
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law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2023. |