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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 in real property |
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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 12.0011 to read as follows: |
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Sec. 12.0011. MANDATORY SALES PRICE DISCLOSURE. (a) The |
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commissioners court of a county may call an election in the county |
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to permit the voters of the county to determine whether a person |
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must disclose the sales price of the property in the manner provided |
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by this subsection. The election shall be held on the date of the |
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next general election for state and county officers. If a majority |
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of the votes cast at the election favor the establishment of |
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mandatory sales price disclosure, the requirement applies |
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beginning with the tax year following the year in which the election |
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is held. |
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(b) A person may not file for record or have recorded in the |
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county clerk's office an instrument conveying 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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(c) The purchaser of any property for which an instrument is |
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recorded in violation of Subsection (a) is liable to the state for a |
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civil penalty for each violation in an amount equal to five percent |
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of the sales price of the property. |
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(d) The attorney general or the county or district attorney |
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for the county in which the property is located may bring suit to |
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recover a penalty under this section. |
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(e) 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, 2007. |