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A BILL TO BE ENTITLED
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AN ACT
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relating to prohibiting fees for future transfers of real property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 5, Property Code, is |
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amended by adding Section 5.016 to read as follows: |
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Sec. 5.016. FEE FOR FUTURE TRANSFERS OF REAL PROPERTY |
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PROHIBITED. A deed restriction or other contract provision |
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applicable to the transfer of real property that requires a |
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transferee of real property or the transferee's heirs, successors, |
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or assigns to pay the transferor of the property a fee for a future |
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transfer of the property is prohibited. A deed restriction or other |
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contract provision that violates this section is void and |
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unenforceable. |
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SECTION 2. The change in law made by this Act applies only |
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to a transfer of property that occurs on or after the effective date |
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of this Act. A transfer of property that occurs before the |
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effective date of this Act is covered by the law in effect |
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immediately before that date, and that law remains in effect for |
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that purpose. For the purposes of this section, a transfer of |
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property occurs before the effective date of this Act if an |
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executory contract binding a purchaser to purchase the property is |
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executed before that date. |
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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, 2007. |