| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to notice of water level fluctuations to purchasers of |
|
|
real property adjoining an impoundment of water. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter A, Chapter 5, Property Code, is |
|
|
amended by adding Section 5.019 to read as follows: |
|
|
Sec. 5.019. NOTICE OF WATER LEVEL FLUCTUATIONS. (a) This |
|
|
section applies only to the sale of residential or commercial real |
|
|
property adjoining an impoundment of water, including a reservoir |
|
|
or lake, constructed and maintained under Chapter 11, Water Code, |
|
|
that has a storage capacity of at least 5,000 acre-feet at the |
|
|
impoundment's normal operating level. |
|
|
(b) A seller of real property shall give to the purchaser of |
|
|
the property a written notice in substantially the following form: |
|
|
NOTICE OF WATER LEVEL FLUCTUATIONS |
|
|
The water level of the impoundment of water adjoining the |
|
|
property at ______________ (street address and city) or described |
|
|
as ______________ (legal description) fluctuates for various |
|
|
reasons, including as a result of: |
|
|
(1) an entity lawfully exercising its right to use the |
|
|
water stored in the impoundment; or |
|
|
(2) drought or flood conditions. |
|
|
(c) The notice described by Subsection (b) shall be |
|
|
delivered by the seller to the purchaser on or before the effective |
|
|
date of an executory contract binding the purchaser to purchase the |
|
|
property. If a contract is entered into without the seller |
|
|
providing the notice required by this section, the purchaser may |
|
|
terminate the contract for any reason within seven days after |
|
|
receiving the notice. |
|
|
SECTION 2. Section 5.019, Property Code, as added by this |
|
|
Act, applies only to an executory contract entered into on or after |
|
|
the effective date of this Act. An executory contract entered into |
|
|
before the effective date of this Act is governed by the law as it |
|
|
existed immediately before the effective date of this Act, and that |
|
|
law is continued in effect for that purpose. |
|
|
SECTION 3. This Act takes effect September 1, 2015. |