Thursday, March 5, 2009

Proposed HB 2257 - Mandatory Sales Price Disclosure

Add ImageState Rep Giddings entered this bill yesterday and it's a really bad ideal. It requires the sales price of real property be placed on the Warranty Deed, which once recorded, is of public record. Texas is a non-disclosure state, meaning that real property sales prices are not disclosed. When a sales price is disclosed, it has been done voluntarily by one of the parties. [As a FYI, when a property is listed in MLS, by agreement with the MLS service, the sales price is required to be disclosed to MLS, but this is done by agreement, not statue. Typically, only residential property is listed in MLS.]

I know that I don't have a single client that wants to disclose the sales price of their real estate transactions. This will have a chilling effect on an already slow market.

My guess it that this is being pushed by the Appraisal Districts, who's appraisals have been very accurate, if not overly aggressive for my clients.

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