| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to a seller's notice of special district assessments on |
|
|
newly constructed residential real properties. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter A, Chapter 5, Property Code, is |
|
|
amended by adding Section 5.0141 to read as follows: |
|
|
Sec. 5.0141. NOTICE OF CERTAIN ASSESSMENTS ON NEWLY |
|
|
CONSTRUCTED RESIDENTIAL PROPERTIES. (a) A seller of a newly |
|
|
constructed residential real property that is located in a special |
|
|
district, as defined under Section 178.001, Local Government Code, |
|
|
shall give to the first purchaser of the property a written notice |
|
|
that reads substantially similar to the following: |
|
|
NOTICE OF OBLIGATION TO PAY (name of special district) ASSESSMENT |
|
|
TO (municipality or county levying assessment) CONCERNING THE |
|
|
PROPERTY AT (street address) |
|
|
As a purchaser of this parcel of real property you are |
|
|
obligated to pay an assessment to a municipality or county for |
|
|
(name, type, and purpose of the district) under (applicable law). |
|
|
The rate of the assessment imposed by (the special district) in the |
|
|
(previous tax year) tax year was (previous year's tax rate). The |
|
|
amount of the assessment imposed by (the special district) in the |
|
|
(previous tax year) tax year for real property with an appraised |
|
|
value of (appraised value of property) was $(dollar amount of |
|
|
assessment). More information concerning the amount of the |
|
|
assessment and the due dates of that assessment may be obtained from |
|
|
the municipality or county levying the assessment. |
|
|
The amount and rate of the assessment is subject to change. |
|
|
Your failure to pay the assessment could result in a lien on and the |
|
|
foreclosure of your property. |
|
|
Date: ______ _____________________________________ |
|
|
Signature of Purchaser |
|
|
(b) The seller shall deliver the notice required under |
|
|
Subsection (a) to the purchaser before the effective date of an |
|
|
executory contract binding the purchaser to purchase the property. |
|
|
The notice may be given separately, as part of the contract during |
|
|
the negotiations, or as part of any other notice the seller delivers |
|
|
to the purchaser. |
|
|
(c) If an executory contract is entered into without the |
|
|
seller providing the notice required by this section, the purchaser |
|
|
may terminate the contract for any reason not later than the earlier |
|
|
of: |
|
|
(1) the seventh day after the date the purchaser |
|
|
receives the notice; or |
|
|
(2) the date the transfer occurs as provided by the |
|
|
executory contract. |
|
|
(d) The purchaser's right to terminate the executory |
|
|
contract under Subsection (c) is the purchaser's exclusive remedy |
|
|
for the seller's failure to provide the notice required by this |
|
|
section. |
|
|
SECTION 2. Section 5.0141, Property Code, as added by this |
|
|
Act, applies only to a sale of property for which a contract is |
|
|
entered into on or after the effective date of this Act. |
|
|
SECTION 3. This Act takes effect September 1, 2021. |