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A BILL TO BE ENTITLED
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AN ACT
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relating to mandatory sales price disclosure in real property |
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sales; providing a civil penalty. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 12, Property Code, is amended by adding |
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Section 12.0011 to read as follows: |
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Sec. 12.0011. MANDATORY SALES PRICE DISCLOSURE. (a) A |
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person may not file for record or have recorded in the county |
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clerk's office an instrument conveying real property under a |
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contract for sale unless the instrument discloses the sales price |
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of the property. |
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(b) The purchaser of any property for which an instrument is |
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recorded in violation of Subsection (a) is liable to the state for a |
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civil penalty for each violation in an amount equal to five percent |
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of the sales price of the property. |
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(c) The attorney general or the county or district attorney |
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for the county in which the property is located may bring suit to |
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recover a penalty under this section. |
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(d) This section does not apply to an instrument conveying |
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only a mineral interest in real property. |
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SECTION 2. This section takes effect September 1, 2007. |