This needed to happen. This will affect approximately 2700 homes in the Travis County area. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. Texas REALTORS staff worked on your behalf with the Sunset Commission and staff on final recommendations for TREC that were reflected in the legislationREALTOR-supported Senate Bill 624, authored by Sen. Robert Nichols and sponsored by Rep. Senfronia Thompson. The new law will keep cities from using construction fees as a backdoor tax for the funding of other services, bring greater fairness to the distribution of the fee burden, and prevent cities from requiring sales price disclosure as part of the permitting process. I believe a web address should be included in the sellers disclosure where sellers and agents could find the current Flood insurance rate map. This REALTOR-supported law is a comprehensive reform of the states public school finance system and property tax system to lessen the burden on local property taxpayers while increasing the states investment in educators and students. What Does My Client Do With These Checkboxes? d. You will not post any information intended to sell or advertise a business, product, or service. With Texas REALTORS member benefit Mylo, you can quickly find the coverage you need at the best value from 40-plus, Bias Override: Overcoming Barriers to Fair Housing is a free online event on April 24 designed to help real estate, Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report, 86th Texas Legislative Session Recap: What REALTORS Need to Know, Download a PDF version of the legislative recap, What The Tax Reform Law Means for You and Your Clients, Looking Ahead to the 86th Texas Legislature, Your Grassroots Efforts in Action at the Texas Capitol, New Real Estate-Related Laws You Should Know About, Show property owners how proposed tax rate changes would affect their bills, Make it easy for taxpayers to submit comments via an online form. According to the Texas Property Code, sellers arent required to disclose deaths on the property t Texas REALTORS, the strongest advocates for Texas real estate consumers, had several legislative v As the 85th Texas Legislature comes to a close on May 29, several bills that will enhance protection March 29, 2023 | Author: Texas REALTORS Staff, April 08, 2022 | Author: Texas REALTORS Staff, August 11, 2021 | Author: Texas REALTORS Staff, June 18, 2021 | Author: Texas REALTORS Staff, December 01, 2020 | Author: Texas REALTORS Staff, June 30, 2020 | Author: Texas REALTORS Staff, January 24, 2020 | Author: Texas REALTORS Staff, December 10, 2019 | Author: Texas REALTORS Staff, August 29, 2019 | Author: Texas REALTORS Staff, July 31, 2019 | Author: Texas REALTORS Staff, May 14, 2019 | Author: Texas REALTORS Staff, March 20, 2019 | Author: Texas REALTORS Staff, February 07, 2019 | Author: Texas REALTORS Staff, October 17, 2018 | Author: Texas REALTORS Staff. How could this come back to haunt them? House Joint Resolution 4, authored by Rep. Dade Phelan and sponsored by Sen. Brandon Creighton, proposes a constitutional amendment to create a fund to aid in financing flood mitigation projects, with the following ballot language: The constitutional amendment providing for the creation of the flood infrastructure fund to assist in the financing of drainage, flood mitigation, and flood control projects., House Bill 492/House Joint Resolution 34, authored by Rep. Hugh Shine and sponsored by Sens. The 86th Texas Legislature passed two bills that add questions to the Seller's Disclosure Notice (. The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures. With Texas REALTORS member benefit Mylo, you can quickly find the coverage you need at the best value from 40-plus, Bias Override: Overcoming Barriers to Fair Housing is a free online event on April 24 designed to help real estate, Issues Mobilization and Political Advocacy Assessment, TACS Texas Accredited Commercial Specialist, TAHS Texas Affordable Housing Specialist, TRLP Texas REALTORS Leadership Program, TRLS Texas Residential Leasing Specialist, TRPM Texas Residential Property Manager, Sales of Million-Dollar Homes in Texas Report, Updated Sellers Disclosure Notice Available August 1. a. The legislation was authored by Sen. Robert Nichols and sponsored by Rep. John Zerwas. Senate Bill 6 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Geanie Morrison) creates a disaster response plan for local officials. REALTOR-supported House Bill 1743, authored by Rep. Tracy King and sponsored by Sen. Brandon Creighton, reduces change-of-use lookback taxes due when a property is changed from agricultural to non-agricultural use. Provide information about when and where a property owners local taxing entities are holding public hearings to set their tax rates. Texas REALTORS is committed to advocating for a strong real estate industry, advancing a culture of continued learning, and staying ahead of issues concerning members and their clients. The sellers insurance carrier is the best source. The 86th Texas Legislature passed two bills that add questions to the Sellers Disclosure Notice (TXR 1406) regarding flooding, such as whether the sellers property is located wholly or partly in a 500-year floodplain or whether the seller has ever filed a claim for flood damage. Applicability of the legal principles discussed in this material may differ substantially in individual situations. The 86th Texas Legislature passed two bills that add questions to the Seller's Disclosure Notice (TXR 1406) regarding flooding, such as whether the seller's property is located wholly or partly in a 500-year floodplain or whether the seller has ever filed a claim for flood damage. Immediately after the flood HAR MLS was requiring disclosure of flooding but removed the mandatory field from the MLS. The revised disclosure notice is mandatory starting Sept. 1, 2019. From the Hotline: When to Provide the Seller's Disclosure Notice, Get Clarity About Flood Risks and Disclosure Requirements, What to do if Clients Have Questions About the Updated Sellers Disclosure Notice, Updated Sellers Disclosure Notice Available August 1, Watch: 5 Things You Don't Know About the Seller's Disclosure Notice, 5 Tips About the Sellers Disclosure Notice That May Surprise You. I have wondered why best I not speculate. they bought flooded properties, repair its and put on the market and omit the information related or sometimes appear in the MLS No sellers Disclosure. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. Usually every local government agency have a department (engineering, planning & zoning, etc) that have maps or should be able to tell you if the property is in a flood zone. July 01, 2019. Your association read and analyzed every bill that was filed this session to ensure the interests of Texas REALTORS and real estate consumers were protected. House Bill 7 (authored by Rep. Geanie Morrison and sponsored by Sen. Joan Huffman) creates a disaster recovery plan to be enacted by state agencies as needed. That is the next hotbed of problems. Thank you to all that voted in favor of!! Texas REALTORS provides content through various online platforms, including this blog. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. May 14, 2019 | Author: Texas REALTORS Staff. d. You will not post any information intended to sell or advertise a business, product, or service. The following two REALTOR-supported joint resolutions will help Texans prepare for or recover from disasters. Applicability of the legal principles discussed in this material may differ substantially in individual situations. The 86th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. Senate Bill 7 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Dade Phelan) creates the Flood Infrastructure Fund to finance flood mitigation projects. a. The new law extends provisions related to that constitutional amendment to ensure no interruption of funding for 10 years, continuing voters desire to invest in transportation projects. That will be covered in paragraph 4 of the new TREC contract. This new law prevents a governmental entity (city/county) from requiring or prohibiting the use of certain building methods, products, or materials in the construction of a residential or commercial structure. Dawn Buckingham, protects Texas property owners. You should contact your attorney to obtain advice with respect to any particular issue or problem. Then, we monitored bills that had the potential to directly or indirectly affect the Texas real estate industry. REALTOR-supported House Bill 852 was authored by Rep. Justin Hollandwho is a Texas REALTOR himselfand sponsored by Sen. Pat Fallon. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. Does Your Seller Have a Duty to Update a Disclosure With New Information? Currently, when a property changes its use classification from agricultural to non-agricultural, county chief appraisers can assess the owners five years of retroactive taxes based on the new classification, plus 7% interest per year. Updated Seller's Disclosure Notice Available August 1. (Currently, these elections may only happen if voters petition for them.). It may also be used on a voluntary basis for transactions where the contract is executed prior to that date. One attorneys opinion is that if the Seller or their agent sends the outdated version to a Buyer, it is as if they did not receive the SD at all and Buyer could terminate the contract. In 2017, voters approved a REALTOR-supported constitutional amendment (Prop 2) to modernize the home equity lending process for property owners. REALTOR-supported House Bill 2439, authored by Rep. Dade Phelan and sponsored by Sen. By interacting with any of our blog posts, you agree to comply with the following terms and conditions: Texas REALTORS, in its sole discretion, reserves the right to remove any content you have uploaded, posted, or submitted onto any of our blog posts if we believe that it violates these terms or conditions. The new law implements the Sunset Commissions recommendations for TREC, such as extending TREC for six years, allowing the agency to maintain its self-directed, semi-independent status, and requiring additional reporting to the Legislature, governor, and Sunset Commission. You should contact your attorney to obtain advice with respect to any particular issue or problem. The following REALTOR-supported bills have been signed into law: REALTOR-supported Senate Bill 1414, authored by Sen. Kelly Hancock and sponsored by Rep. Dade Phelan, establishes clearer parameters around fees that may be assessed for the late payment of rent. House Bill 5 (authored by Rep. Dade Phelan and sponsored by Sen. Lois Kolkhorst) creates a catastrophic debris management plan and training for cities and counties. Any legal or other information found on this page or at other sites to which we link, should be verified before it is relied upon. The 86 th Texas Legislature adjourned May 27, closing out a monumental session for Texas real estate consumers and private property rights. The updated disclosure notice will be available August 1 on texasrealestate.com and from form-fill vendors. What if you listed the house in July and closed this week and didnt use the new form ? The law clarifies what types of costs and considerations may be included in the calculation of late fees and provides a safe harbor for reasonable late fees. There should also be mandatory disclosure for lease homes, too. In many residential sales, sellers are required to provide information about the condition of the pr See if you understand how these five situations affect the use of the seller's disclosure notice. Larry Taylor and Paul Bettencourt, propose a constitutional amendment to provide a temporary property tax exemption for qualified property damaged by a disaster, with the following ballot language: The constitutional amendment authorizing the legislature to provide for a temporary exemption from ad valorem taxation of a portion of the appraised value of certain property damaged by a disaster.. As leaders in the fight for property tax and school finance reform, Texas REALTORS issued a press release with comments from Chairman Tray Bates reinforcing our support of the legislation when the final version was rolled out. Must a seller disclose a murder at the property? How does a property owner know they are in the 500 year flood plain if they have never had any issues? 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