Sec. 5.0205. EQUITABLE INTEREST DISCLOSURE.
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Sec. 5.0205. EQUITABLE INTEREST DISCLOSURE. Before entering into a contract to sell an option or assign an interest in a contract to purchase real property, a person must disclose in writing to:
(1)any potential buyer that the person is selling only an option or assigning an interest in a contract and that the person does not have legal title to the real property; and
(2)the owner of the real property that the person intends to sell an option or assign an interest in a contract.
Added by Acts 2017, 85th Leg., R.S., Ch. 974 (S.B. 2212 ), Sec. 4, eff. September 1, 2017.
Transferred, redesignated and amended from Property Code, Section 5.086 by Acts 2023, 88th Leg., R.S., Ch. 94 (S.B. 1577 ), Sec. 27, eff. January 1, 2024.