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You should contact your attorney to obtain advice with respect to any particular issue or problem. I agree with Emily, that Web Addy would help all of us double check to make sure we have the right information for our area. 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. How the legislative session affected Texas real estate, Texas REALTORS support more disclosure for real estate consumers, Assume Nothing About What Your Clients Know. 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. Updated Seller's Disclosure Notice Available August 1. Study with Quizlet and memorize flashcards containing terms like Which of the following requirements was eliminated as a result of TREC's Sunset Review?, TREC Rule 535.2, Broker Responsibility, requires which of the following to be appointed as a delegated supervisor?, Amendments to TREC Rule 535.148, Receiving an Undisclosed Commission or Rebate, clarify that a license holder CANNOT and more. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. 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. What Does My Client Do With These Checkboxes? The revised disclosure notice is mandatory starting Sept. 1 . 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. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. 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. In 2017, voters approved a REALTOR-supported constitutional amendment (Prop 2) to modernize the home equity lending process for property owners. What if you listed the house in July and closed this week and didnt use the new form ? 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. This pro-consumer law is the most comprehensive update to the sellers disclosure since the statements creation in 1993. Does Your Seller Have a Duty to Update a Disclosure With New Information? 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. Texas REALTORS provides content through various online platforms, including this blog. This needed to happen. 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. Keeps rollback rate at 8% for special taxing units, including: Renames the rollback rate the voter-approval tax rate, Renames the effective rate the no-new-revenue tax rate., Provides $6.5 billion in additional funding to public education and school employee compensation, Increases the states share of education funding from 38% to 45%, Reduces recapture by 47% ($3.6 billion) in the next biennium, Raises the basic allotment from $5,140 to $6,160 per student, benefiting all school districts, Sales tax revenue from the Wayfair court decision ($300 million per year), Available School Fund revenue to be used for increased school funding ($600 million per year), Any severance tax revenue diversion provided by the Texas Constitution to be used for tax compression. Investors are not exempt from providing seller disclosure, even though many think they are. One of the most impactful changes is the lowering of school property tax rates statewide, which provides $5.1 billion in tax relief through an average eight-cent tax rate reduction in 2019-2020 and 13-cent reduction in 2020-2021. This pro-consumer law is the most comprehensive update to the Sellers Disclosure statement since the statements creation in 1993. 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. That will be covered in paragraph 4 of the new TREC contract. the states Rainy Day Fund). How could this come back to haunt them? Greg Abbott. House Bill 1254, authored by Rep. Jim Murphy and sponsored by Sen. Kelly Hancock, will allow a property owner to use agricultural land as collateral for a home equity loan. 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. The following two REALTOR-supported joint resolutions will help Texans prepare for or recover from disasters. This new law reduces the lookback period from five to three years and reduces the interest due from 7% to 5%. Thanks to your grassroots advocacy efforts during REALTOR Day at the Texas Capitol and timely response to calls for action, Texas REALTORS earned several incredible legislative victories this session that were signed into law by Gov. 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. The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures. d. You will not post any information intended to sell or advertise a business, product, or service. 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. Applicability of the legal principles discussed in this material may differ substantially in individual situations. 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. Senate Bill 6 (authored by Sen. Lois Kolkhorst and sponsored by Rep. Geanie Morrison) creates a disaster response plan for local officials. The updated disclosure notice will be available August 1 on texasrealestate.com and from form-fill vendors. Texas REALTORS know harmful legislation when we see it. See a redlined version of the Sellers Disclosure Notice on texasrealestate.com. There is a FEMA Flood Map Services Center info map at the end of CRS report 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 revised version of the Sellers Disclosure Notice must be used in transactions when the sales contract is executed on or after Sept. 1, 2019. The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. d. You will not post any information intended to sell or advertise a business, product, or service. After years of advocating for changes to the states property tax system, Texas REALTORS have succeeded in giving taxpayers more information about how tax rates are set and how to engage in the rate-setting process that determines your property tax bill. Senate Bill 8 (authored by Sen. Charles Perry and sponsored by Rep. Lyle Larson) creates a statewide flood plan. I have wondered why best I not speculate. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. Thank you to all that voted in favor of!! July 01, 2019. If a municipality seeks to annex an area into its limits, the municipality must now hold an election of the affected residents. Is a Buyer Required to Sign the Seller's Disclosure Notice? May 14, 2019 | Author: Texas REALTORS Staff. Immediately after the flood HAR MLS was requiring disclosure of flooding but removed the mandatory field from the MLS. This will affect approximately 2700 homes in the Travis County area. Abbotts website. From the Legal Hotline: Investors and Disclosures, TREC Adopts a New Form and Updates the Contracts, What Sellers Disclosure Rules Mean for You and Your Clients. The State Highway Fund can only be used for constructing, maintaining, and acquiring rights of way for public non-toll roadways. Yes! In 2018, the Texas Real Estate Commission underwent whats known as sunset reviewa process for state agencies during which Texas Sunset Advisory Commission staff evaluate the agency and issue recommendations for positive change. What about investors? Unfortunately the FEMA maps do not specifically say 500 year flood plain they define it by ie .2% chance of flooding.perhaps the form should use different wording so that it jives with the FEMA maps. 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. Since Harvey I have seen a bunch of Listings where Sellers nor their Agents are disclosing flooding on to property or into property. This is based on a rainfall study and not a flood study Lawsuits will be filled and they expect the ordinance to stay in play until the lawsuits are decided by the TXRead more . While Texas REALTORS has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, Texas REALTORS makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here. You will not use our blog posts or posted content to do anything unlawful, misleading, malicious, or discriminatory; and. REALTOR-supported House Bill 2439, authored by Rep. Dade Phelan and sponsored by Sen. The legislation was authored by Sen. Paul Bettencourt and sponsored by Rep. Dustin Burrows. 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. The legislation was authored by Sen. Robert Nichols and sponsored by Rep. John Zerwas. Must a seller disclose a murder at the property? The updates add significant information related to flooding and provide buyers with in-depth information about past flooding on a property and its structures, while still limiting the sellers liability. Anyone in a 500 year floodplain will now be in a 100 year floodplain. The Texas Legislature agreed that property tax reform is critical, passing REALTOR-supported Senate Bill 2, also known as The Texas Property Tax Reform and Transparency Act.. You will not post any defamatory, discriminatory, libelous, threatening, vulgar, sexually explicit, abusive, profane, rude, or obscene content (including comments); b. Additional changes: The new law creates the Tax Reduction and Excellence in Education Fund to provide further tax rate compression and funding for schools using revenue from several existing sources: The new law also maintains the enhanced transparency measures and automatic rollback elections REALTORS support. 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. Dawn Buckingham, protects Texas property owners. Yep this is definitely needed. If you are a member of SABOR, REALTOR-supported Senate Bill 962 continues the development of a stronger highway system for Texas. 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. That is the next hotbed of problems. 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. severance tax), split between the State Highway Fund and the Economic Stabilization Fund (a.k.a. c. You will not post content or take any action on our blog posts that infringes someone elses rights or otherwise violates the law. Thats why we go on record in opposition to legislation that would have detrimental effects on Texas real estate. The new law requires central appraisal districts to create online databases to: The new law also makes changes to the rollback rate that is currently at 8% for local taxing entities: The Texas Legislature unanimously approved legislation to reform the public school finance system and the property tax system: House Bill 3, authored by Rep. Dan Huberty and sponsored by Sen. Larry Taylor. Chairman Batess comments were included on Gov. 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. Now we just need questions pertaining to Lead Based Pipes. This new law further updates those provisions to allow more homeowners the ability to access the hard-earned equity in their homes while maintaining the strong consumer protections in the Texas Constitution. 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. Texas REALTORS supported the bills that resulted in these changes. Texas REALTORS supported Senate Bill 339, authored by Sen. Joan Huffman and sponsored by Rep. Geanie Morrison, and House Bill 3815, authored by Rep. Morrison and sponsored by Sen. Huffman. Applicability of the legal principles discussed in this material may differ substantially in individual situations. 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. It may also be used on a voluntary basis for transactions where the contract is executed prior to that date. The Texas Legislature passed 10 measures that will be on the November 5, 2019 ballot as constitutional amendments for every Texas voter. Most cities and counties will be subject to a 3.5% rollback rate, Most cities and counties will have automatic elections if they exceed the rollback rate. Though many think they are 4 of the affected residents the MLS only be on. ) to modernize the home equity lending process for property owners Highway system for Texas executed prior to that.... In these changes the new form measures that will be on the November 5, 2019 Author..., or discriminatory ; and REALTOR-supported constitutional amendment ( Prop 2 ) to modernize the home lending. Lending process for property owners of SABOR, REALTOR-supported senate Bill 6 ( authored by Rep. Lyle Larson creates... 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