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SPONSOR: |
Taylor, TC |
DATE TYPED: |
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HB |
895 |
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SHORT TITLE: |
Real Estate Proximity to Airport |
SB |
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ANALYST: |
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APPROPRIATION
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
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FY03 |
FY04 |
FY03 |
FY04 |
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NFI |
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Responses
Received From
Real
Estate Commission (REC)
SUMMARY
Synopsis
of Bill
House Bill 895 requires the seller, or agents of
the seller of real estate, to disclose to a prospective purchaser that the real
estate is located within three statute miles of the reference point of an
airport, or that the property underlies an area of regular aviation activity.
Significant
Issues
The REC raises the
issue about who will be liable if a parcel of real estate is not within three
statute miles of an airport at the time the parcel was sold, but falls within
that parameter in the future due to a new airport development. It is not always clear when expansion plans
are known.
TECHNICAL ISSUES
The REC notes an existing statute is not referenced in HB 895. It is unclear whether HB895 is intended to be an amendment to the Real Estate License Law, or an entirely new statute.