Industry experts and Texas REALTORS®️ legal counsel discuss new laws that require sellers to disclose certain information to buyers when selling a property located in a public improvement district.
House Bill 1543 requires sellers to provide a new notice to buyers when selling property located within a public improvement district (PID). The notice requirements apply to all property types. The notice requires the seller to provide specific information about the district, including the name of the county or municipality levying an assessment and the name of the PID. If the seller fails to provide the notice, the buyer may terminate the contract or file a lawsuit for damages, under certain circumstances, after the transaction closes.