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2018 SESSION

• | print version

SB 280 Lease-option real estate contracts; requirements of the owner, default.

Introduced by: J. Chapman Petersen | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Lease-option real estate contracts; requirements of the owner; default. Establishes contract provisions for when an owner of real property enters into a contract with a purchaser to lease the real property and the contract includes an option to purchase the same property. The bill directs that whenever an owner enters into such contract, he shall (i) ensure that the contract is in writing and recorded, (ii) disclose in the contract all liens on the property at the time of the signing of the contract, and (iii) satisfy any outstanding tax obligations on the property prior to the signing of the contract. If the purchaser defaults, including by nonpayment, the owner shall give written notice of the grounds for default to the purchaser, and the purchaser shall have 30 days to cure the default in order to maintain his right to purchase.

FULL TEXT

• 01/05/18  Senate: Prefiled and ordered printed; offered 01/10/18 18101647D  pdf | impact statement

HISTORY

• 01/05/18  Senate: Prefiled and ordered printed; offered 01/10/18 18101647D
• 01/05/18  Senate: Referred to Committee for Courts of Justice
• 01/24/18  Senate: Passed by indefinitely in Courts of Justice with letter (15-Y 0-N)