Bill Caption

Relating to certain real estate sales, brokerage, and advertising activities, certain functions of the Texas Real Estate Commission, and the authorization of a ground lease with the Texas Facilities Commission to construct or maintain a building.

Fiscal Notes

From the Legislative Budget Board: no fiscal implication to the state is anticipated.

Bill Analysis

SB 2212 would allow a person to acquire an option or an interest in a contract to purchase real property and then sell or assign the contract without holding a license. To be eligible, the individuals cannot use the option or contract to engage in real estate brokerage or disclose the nature of the equitable interest to any potential buyer. Certain regulations regarding advertising activities would implemented. Finally, before entering into a contract, a person selling an option or assigning an interest in a contract to purchase property must disclose to 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.

Vote Recommendation Notes

This bill enhances our free market and limited government principles by allowing a person to engage in certain real estate brokerage activities without obtaining a license. For this reason, we support SB 2212.