By:  Swinford                                                     H.B. No. 3184



A BILL TO BE ENTITLED

AN ACT

relating to the disclosure of sales price to previous owner/client 
when a broker purchases real property from clients and resells 
within one year.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Title III, Chapter 12, Property Code, is amended 
by adding section 12.019 to read as follows:
	12.019.  A broker and any entity which the broker has an 
interest in which purchases property that the broker has listed for 
sale while the listing is in effect or for period of twelve months 
after the listing has expired shall file an affidavit in the deed 
records of the county the property is located in.  That affidavit 
shall state that if the property is again sold or exchanged within 
twelve months the broker shall disclose all details relative to any 
sale or exchange of the property.  Details of sale shall include but 
not be limited to all parties involved in the sale, selling price, 
any exchanged property terms, and commissions paid.  The affidavit 
shall reference the property purchased.
	SECTION 2.  Title 7, Subsection 1101.651, Subchapter N, 
Chapter 1101, Occupations Code is amended by adding section (e) to 
read as follows:
	(e)  A broker may not purchase property the broker has 
represented for sale if less than twelve months have passed from the 
time the broker represented the property, without filing an 
affidavit in the deed records of the county the property is located 
in.  That affidavit shall state that if the property is again sold 
or exchanged within twelve months the broker shall disclose all 
details relative to any sale or exchange of property.  Details of 
sale shall include but not be limited to all parties involved in the 
sale, selling price, any exchanged property, terms, and commissions 
paid.  The affidavit shall reference the property purchased.
	SECTION 3.  This Act takes effect immediately if it receives 
a vote of two-thirds of all 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, 2005.