84R5529 PMO-D
 
  By: Kolkhorst S.B. No. 483
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to notice of water level fluctuations to purchasers of
  real property adjoining an impoundment of water.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 5, Property Code, is
  amended by adding Section 5.019 to read as follows:
         Sec. 5.019.  NOTICE OF WATER LEVEL FLUCTUATIONS. (a) This
  section applies only to the sale of residential or commercial real
  property adjoining an impoundment of water, including a reservoir
  or lake, constructed and maintained under Chapter 11, Water Code,
  that has a storage capacity of at least 5,000 acre-feet at the
  impoundment's normal operating level.
         (b)  A seller of real property shall give to the purchaser of
  the property a written notice in substantially the following form:
  NOTICE OF WATER LEVEL FLUCTUATIONS
         The water level of the impoundment of water adjoining the
  property at ______________ (street address and city) or described
  as ______________ (legal description) fluctuates for various
  reasons, including as a result of:
               (1)  an entity lawfully exercising its right to use the
  water stored in the impoundment; or
               (2)  drought or flood conditions.
         (c)  The notice described by Subsection (b) shall be
  delivered by the seller to the purchaser on or before the effective
  date of an executory contract binding the purchaser to purchase the
  property. If a contract is entered into without the seller
  providing the notice required by this section, the purchaser may
  terminate the contract for any reason within seven days after
  receiving the notice.
         SECTION 2.  Section 5.019, Property Code, as added by this
  Act, applies only to an executory contract entered into on or after
  the effective date of this Act.  An executory contract entered into
  before the effective date of this Act is governed by the law as it
  existed immediately before the effective date of this Act, and that
  law is continued in effect for that purpose.
         SECTION 3.  This Act takes effect September 1, 2015.