By: Villarreal H.B. No. 1552
 
 
A BILL TO BE ENTITLED
AN ACT
relating to mandatory sales price disclosure in real property
sales; providing a civil penalty.
       BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
       SECTION 1.  Chapter 12, Property Code, is amended by adding
Section 12.0011 to read as follows:
       Sec. 12.0011.  MANDATORY SALES PRICE DISCLOSURE.  (a)  The
commissioners court of a county may call an election in the county
to permit the voters of the county to determine whether a person
must disclose the sales price of the property in the manner provided
by this subsection.  The election shall be held on the date of the
next general election for state and county officers.  If a majority
of the votes cast at the election favor the establishment of
mandatory sales price disclosure, the requirement applies
beginning with the tax year following the year in which the election
is held.
       (b)  A person may not file for record or have recorded in the
county clerk's office an instrument conveying real property under a
contract for sale unless the instrument discloses the sales price
of the property.
       (c)  The purchaser of any property for which an instrument is
recorded in violation of Subsection (a) is liable to the state for a
civil penalty for each violation in an amount equal to five percent
of the sales price of the property.
       (d)  The attorney general or the county or district attorney
for the county in which the property is located may bring suit to
recover a penalty under this section.
       (e)  This section does not apply to an instrument conveying
only a mineral interest in real property.
       SECTION 2.  This Act takes effect September 1, 2007.