News on recent legislative changes that impact Texas real estate.
Today, I want to shed light on some legislative updates that might have slipped under your radar. These changes are important for both real estate professionals and homeowners to be aware of. Let’s dive into what transpired during the recent legislative session:
1. Gas piping information (Effective September 1, 2023): It’s crucial to stay up to date with the most recent Sellers Disclosure Notice, which took effect on September 1, 2023, specifically regarding gas piping. If you’re receiving an offer, ensure that the buyer is using the latest version of the seller’s disclosure notice as well.
“It’s important to stay informed and be ready to share this valuable information with your clients.”
2. Property tax and assessments notice: There’s been a change aimed at providing greater clarity when it comes to municipal utility districts (MUDs). As of June 18th this year, MUDs are required to use a revised notice that separately lists property tax and property assessments against the property. This notice is also mandatory to be posted on their websites.
3. Homeowners associations (Effective January 1, 2024): Starting January 1, 2024, homeowners associations (HOAs) must give notice about how they levy fines. This is a positive development for your clients, offering greater transparency regarding HOA fines. Be sure to inform your clients about this change and how it affects them.
Additionally, keep an eye out for other updates, especially those concerning Homestead, as there will be voting on these matters this fall. It’s important to stay informed and be ready to share this valuable information with your clients, as it can significantly impact property taxes.
At M. Stagers Realty Partners, we’re always here to help. Feel free to reach out to us via phone, email, or our website if you have any questions or need assistance. Stay informed, and let’s navigate these changes together!
