This past legislative session saw the enactment of a few bills that can affect real estate transactions. I will be summarizing a few bills that may be of interest to you, this is part 1 of a 4-part series.
Here’s a brief summary of one of the bills:
House Bill 1543: Public Improvement Districts
A Public Improvement District (PID) is a designated area where property owners pay a special assessment for improvements and services within that area. The services must benefit the PID area, and are supplemental to services already provided by the city. PIDs are often used for temporary infrastructure improvements such as landscaping, utility relocation, roadway improvement, improving parks, and similar items.
This recent law places the same statutory obligations on sellers of real property in a Public Improvement District as those that are selling property in a Municipal Utility District. This disclosure must be signed by sellers and buyers and it must be signed at or before contract execution. If a seller does not provide this notice the buyer has the right to terminate the contract and they can also seek monetary damages through litigation.please call me at (817) 952-9000
with any questions.