Feb 1, 2012
TLTA Submits Comments to TREC on Proposed HOA Addendum
The Texas Real Estate Commission (TREC) recently issued a proposed HOA Addendum for comment. The form reflects the statutory change resulting from H.B. 1821, which allows buyers in a home sale transaction to order "homeowners subdivision information" (Resale Certificates). The bill was filed by Rep. Rodney Anderson and supported by TLTA. TLTA recently submitted comments to TREC and proposed a different addendum to address some concerns with the proposed language. TLTA is encouraging TREC to amend the addendum to allow for buyers to order the Resale Certificate and sellers to reimburse the buyer upon closing. The form has not been posted to the TREC website, but comments can be sent directly to TREC's general counsel at
[email protected]. If you prefer, you may send questions or comments to TLTA here.
Comment on the 3rd Round of Proposed CFPB Closing Forms
The Consumer Financial Protection Bureau (CFPB) is seeking comments on two new versions of prototype forms that will combine the Truth in Lending disclosure and the HUD-1 Settlement Statement to explain final loan terms and closing costs to consumers. The Bureau is not using the side-by-side comparison tool it has used before and is instead asking the public to comment on how the proposed closing forms work with the current draft of the initial disclosure by posting comments to its blog here or by sending an email to
[email protected]. This is a rare opportunity to offer feedback on forms that will have an enormous effect on the industry, and we encourage you to take the time to comment today. Comment Here >>
TLTA Call for Legislative Issues - Submit Your Concerns Today
It's already that time again! The TLTA Legislative Committee met last week to start working on TLTA's 2013 legislative agenda. Please send any legislative issues you have as soon as possible to
[email protected] so the committee can review them at their next meeting.
TLTA is also tracking the interim charges that direct the work of Texas House Committees until the 83rd Legislative Session in 2013. TLTA is pleased that the Business and Industry Committee will conduct a study on liens and real property. Last session, there were many discussions about mechanics lien law, including TLTA's concerns about the ambiguity of the law relative to the status of "removables" in a foreclosure. This will provide us an opportunity to continue that conversation. The committee will also study adverse possession and deed restrictions, and we will keep you updated on their progress.
Terminated: Transfer Fees Outlawed
Judon Fambrough | Tierra Grande
A new statute voids all future private transfer fee obligations created in Texas after June 17, 2011, and terminates existing transfer fees that do not comply with specific future obligations. The Texas Property Code lists ten payments associated with the transfer of real property, however, that are not considered private transfer obligations and thus are not prohibited. Learn what they are and read more about the new statute - Read More >>
Texas Redistricting Talks Stall
Tim Eaton | Austin American-Statesman
Texas redistricting negotiations have broken down, some plaintiffs' groups said Monday, as members of their fractured coalition complained that not all are being involved in talks with the state. A panel of three federal judges in San Antonio asked Friday that lawyers for the nine plaintiff groups, which are made up mostly of minority groups, get together with lawyers for the State of Texas to see if they could agree on a new set of maps for the U.S. House, the Texas House and the state Senate. Read More >>