| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to restrictions on the purchase of a single-family home by |
|
|
an investment firm. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter A, Chapter 5, Property Code, is |
|
|
amended by adding Section 5.0155 to read as follows: |
|
|
Sec. 5.0155. LIMITATION ON CERTAIN PURCHASERS. (a) In this |
|
|
section, "investment firm" means a corporation or trust engaged in |
|
|
the business of investing the pooled capital of investors in |
|
|
financial securities. |
|
|
(b) An investment firm may not enter into an executory |
|
|
contract to purchase a single-family home that is listed for sale |
|
|
before the 30th day after the date the home is listed. |
|
|
(c) A contract entered into in violation of this section is |
|
|
voidable by the seller at any time before the contract is fully |
|
|
executed. |
|
|
SECTION 2. Section 5.0155, Property Code, as added by this |
|
|
Act, applies only to an executory contract entered into on or after |
|
|
the effective date of this Act. |
|
|
SECTION 3. This Act takes effect September 1, 2023. |