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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 of commercial or |
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industrial real property 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 12.0014 to read as follows: |
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Sec. 12.0014. MANDATORY SALES PRICE DISCLOSURE FOR |
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COMMERCIAL AND INDUSTRIAL REAL PROPERTY. (a) A person may not file |
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for record or have recorded in the county clerk's office an |
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instrument conveying commercial or industrial 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 commercial or industrial property |
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for which an instrument is recorded in violation of Subsection (a) |
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is liable to the state for a civil penalty for each violation in an |
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amount equal to five percent of the sales price of the commercial or |
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industrial 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 commercial or industrial property is |
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located may bring suit to 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 Act takes effect September 1, 2023. |