June 28, 2023
In This Issue:
- TDI Publishes Agent Experience Report 2021
- Texas Legislature: Sen. Parker and Rep. Longoria Receive TLTA's Outstanding Legislator Award
- Gov. Abbott Calls Second Special Session on Property Taxes
- Opinion: Protecting Homeowners From Predatory Business Practices
TDI Publishes Agent Experience Report 2021
TLTA | June 27, 2023
The Texas Department of Insurance published their Title Insurance Agent Experience Report Compilation for 2021.
Texas Insurance Code §2703.153 requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit business data to TDI. TDI uses this data to set title insurance premium rates.
The new agent experience report was completed with data generated during calendar year 2021.
The underwriter experience report for 2021 is expected to be published soon.
Review Title Insurance Agent Experience Report Compilation for 2021 »
This Report Is Also Available as an Excel File »
Texas Legislature: Sen. Parker and Rep. Longoria Receive TLTA's Outstanding Legislator Award
TLTA | June 26, 2023
TLTA is pleased to announce Sen. Tan Parker and Rep. Oscar Longoria are recipients of this year's Outstanding Legislator Award, recognizing exceptional leadership and unwavering dedication to a strong real estate economy and the people of Texas.
Read the press release celebrating Sen. Parker's receipt of
TLTA's Outstanding Legislator Award.
Read the press release celebrating Rep. Longoria's receipt of
TLTA's Outstanding Legislator Award.
Gov. Abbott Calls Second Special Session on Property Taxes
TLTA | May 23, 2023
The first special session of the 88th Texas Legislature ended yesterday without final passage of bills addressing the items listed on Gov. Abbott's call. The governor responded by calling a second special session that started yesterday, June 27 at 3 p.m.
Special Session 2 agenda items:
ELIMINATING A PROPERTY TAX IN TEXAS: Legislation to put Texas on a pathway to eliminate school district maintenance and operations property taxes.
LASTING PROPERTY TAX RATE CUTS: Legislation to cut property tax rates solely by reducing the school district maximum compressed tax rate in order to provide lasting property-tax relief for Texas taxpayers.
Read the Governor's proclamation »
Read the Governor's press release »
TLTA Editor's Note: Your TLTA Advocacy Team continues to monitor these ongoing special sessions, which are likely to continue unless the Texas House and Senate can reach agreement on a property tax relief plan. Should there be meaningful progress on the property tax debate or the filing of any other bills that could impact our industry our Texas real estate marketplace, we will alert you here in Dateline, thank you.
Opinion: Protecting Homeowners From Predatory Business Practices
HousingWire | Jun 20, 2023
During this National Homeownership Month in particular, homeowners should be wary of a new business practice preying upon vulnerable homeowners — non-title recorded agreements for personal service (NTRAPS), long-term listing agreements that entrap consumers. In this business practice, real estate brokerage firms offer homeowners a small upfront payment in exchange for the exclusive right to list and sell the property in the future. These complex contracts make selling, refinancing or transferring real estate difficult for homeowners.
These companies know how to make their agreements sound good. The one-time cash reward provided by NTRAPS — which are sometimes as little as $300 — are enticing to homeowners in need of immediate financial assistance. These homeowners, who are not real estate professionals and don’t have the benefit of counsel, often do not fully understand the long-term implications of what they are agreeing to.
After signing one of these listing agreements, homeowners are stuck in a contract that can be binding for up to 40 years. They risk facing a penalty of 3% of their property value if the property is transferred, or if they use another brokerage firm in the sale of the home.
Read More »