Texas SB 1436: Relating to a required notice concerning an easement or right-of-way in certain Texas Real Estate Commission contract forms.

Bill Text

By:AATaylor S.B.ANo.A1436
A BILL TO BE ENTITLED
AN ACT
relating to a required notice concerning an easement or
right-of-way in certain Texas Real Estate Commission contract
forms.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTIONA1.AASection 1101.155, Occupations Code, is amended
by adding Subsection (d) to read as follows:
(d)AAA contract form adopted by the commission for use in the
sale of property must include a notice informing the buyer that if
the property is subject to, or adjacent to, an easement or
right-of-way, the use of the easement or right-of-way, including
the construction or maintenance of an improvement, is governed by
the documents under which the easement or right-of-way was created,
and the use of that easement or right-of-way may affect the value of
the buyer’s property.
SECTIONA2.AANot later than December 1, 2019, the Texas Real
Estate Commission shall update contract forms to comply with
Section 1101.155(d), Occupations Code, as added by this Act.
SECTIONA3.AAThis Act takes effect September 1, 2019.
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86R13886 TSR-D 1