HB 1524
AN ACT relating to certain definitions applicable to the Texas Fair
89th Regular Session
Jan 14, 2025 - Jun 2, 2025 • Session ended
Awaiting Committee Assignment
Bill filed, pending referral to House committee
Committee
Not yet assigned
Fiscal Note
Not available
What This Bill Does
Amends the Texas Property Code by defining "bona fide offer" as a good faith, legally binding offer for residential properties, including both occupied structures with a certificate of occupancy and vacant land intended for residential development. The definition clarifies what constitutes a legitimate real estate offer, providing more precise language for property transactions and potentially helping to prevent misunderstandings or disputes in real estate dealings. The amendments will take effect on September 1, 2025, giving real estate professionals, property owners, and developers time to understand and implement the new definitions.
Subject Areas
Bill Text
relating to certain definitions applicable to the Texas Fair BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 301.003, Property Code, is amended by adding Subdivision (1-a) and amending Subdivision (8) to read as (1-a) "Bona fide offer" means an offer made in good faith without deceitful motives and that is legally binding on the parties. The term includes a lump sum offer and an earnest money (A) structure or part of a structure that is occupied as, or designed or intended for occupancy as, a residence by one or more families and has received a certificate of occupancy; (B) vacant land that is offered for sale or lease for the construction or location of a structure or part of a structure described by Paragraph (A). SECTION 2. This Act takes effect September 1, 2025.
Bill Sponsors
Legislators who authored or co-sponsored this bill.
Bill History
Bill filed: AN ACT relating to certain definitions applicable to the Texas Fair
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