88R13293 DRS-F     By: Parker S.B. No. 1374       A BILL TO BE ENTITLED   AN ACT   relating to the right of a purchaser to terminate a contract of   purchase and sale of real property for failure to provide notice   that the property is located in a public improvement district.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 5.0141(b), Property Code, is amended to   read as follows:          (b)  In the event a contract of purchase and sale is entered   into without the seller providing the notice, the purchaser is   entitled to terminate the contract for any reason, not later than   the seventh day after the date the purchaser receives the notice. A   purchaser may terminate the contract under this subsection only if   the municipality or county filed a copy of the service plan with the   county clerk in accordance with Section 372.013, Local Government   Code, before the date the contract was entered into.          SECTION 2.  Section 5.0141, Property Code, as amended by   this Act, applies only to a sale or conveyance of property for which   a binding contract is executed on or after the effective date of   this Act.  A sale or conveyance for which a binding contract is   executed before the effective date of this Act is governed by the   law in effect on the date the contract is executed, and the former   law is continued in effect for that purpose.          SECTION 3.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2023.