By: Watson S.B. No. 1915
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the provision of certain information by a seller of
  residential real property to a buyer of residential real estate.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 5, Property Code is
  amended by adding Section 5.208 to read as follows:
         Sec. 5.208.  TAX EXEMPTION INFORMATION FOR CERTAIN BUYERS.
  (a) A seller of residential real property that consists of not more
  than one dwelling unit located in this state shall give to the
  purchaser of the property written notice that reads substantially
  similar to the following:
                     NOTICE OF RESIDENCE HOMESTEAD EXEMPTION
         As a purchaser of this parcel of real property you may be
  eligible for certain residence homestead exemptions available
  under Subchapter B, Chapter 11, Tax Code.
         (b)  The seller shall provide to the purchaser a copy of any
  application form that may be used to apply for residence homestead
  exemptions with an appraisal district in which the property is
  included. 
         (c)  The seller shall deliver the notice and application
  required under Subsection (a) and (b) to the purchaser before the
  effective date of an executory contract binding the purchaser to
  purchase the property.  The notice and application may be given
  separately, as part of the contract during negotiations, or as part
  of any other notice the seller delivers to the purchaser.  If the
  notice is included as part of the executory contract or another
  notice, the title of the notice prescribed by this section, the
  references to the street address and date in the notice, and the
  purchaser's signature on the notice may be omitted.
         (d)  This section does not apply to the following transfers:
               (1)  under a court order or foreclosure sale;
               (2)  by a trustee in bankruptcy;
               (3)  to a mortgagee by a mortgagor or successor in
  interest or to a beneficiary of a deed of trust by a trustor or
  successor in interest;
               (4)  by a mortgagee or a beneficiary under a deed of
  trust who has acquired the land at a sale under a deed of trust or a
  sale under a court-ordered foreclosure or who has acquired the land
  by a deed in lieu of foreclosure;
               (5)  by a fiduciary in the course of the administration
  of a decedent's estate, guardianship, conservatorship, or trust;
               (6)  from one co-owner to another co-owner of an
  undivided interest in the real property;
               (7)  to a spouse or a person in the lineal line of
  consanguinity of the seller;
               (8)  to or from a governmental entity;
               (9)  of only a mineral interest, leasehold interest, or
  security interest; or
               (10)  of a real property interest in a condominium.
         (e)  Failure to receive a notice required by this section
  does not affect the validity of the appraisal of the property, the
  imposition of any tax on the basis of the appraisal, the existence
  of any tax lien, the deadline for filing an application for a
  residence homestead exemption, or any proceeding instituted to
  collect the tax.
         SECTION 2.  (a)  The Texas Real Estate Commission shall
  prescribe notice required by Section 5.208, Property Code, as added
  by this Act, not later than December 1, 2015.
         (b)  Section 5.208, Property Code, as amended by this Act,
  applies only to a transfer of property that occurs on or after
  January 1, 2016. A transfer of property that occurs before that
  date is governed by the law applicable to the transfer immediately
  before that date, and the former law is continued in effect for that
  purpose.  For the purposes of this section, a transfer of property
  occurs before the effective date of this Act if the contract binding
  the purchaser to purchase the property is executed before that
  date.
         SECTION 3.  This Act takes effect September 1, 2015.