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5 ways Texas real estate changed forever in 2015

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The Texas flag waving in the wind.

12/30/2015 | Author: Editorial Staff

This was a big year for Texas real estate. You and your clients will see 2015’s outcomes in many ways, including when you pay property taxes, use TREC or TAR forms, or close on a real estate transaction. Here are five of this year’s outcomes that are worth revisiting. 

Success at the Capitol
The 84th Texas Legislature may have been the most successful legislative session in history for the Texas real estate industry, with changes affecting real estate brokers, HOAs, property managers, and others.

Closings have changed
New rules from the Consumer Financial Protection Bureau resulted in new forms and new procedures for closings.

A huge Election Day win
Statewide Proposition 1 on the November 3 ballot passed with 86% approval. The measure increased the homestead exemption for Texas property owners and permanently banned real estate transfer taxes in Texas.

Revised forms take effect New Year’s Day
The Texas Association of REALTORS® and the Texas Real Estate Commission revised several forms effective January 1, 2016.

Record-high housing activity
This may have been a record year for Texas real estate as all segments of the state’s housing market are showing strong gains

Categories: Forms, Legal, Governmental Affairs, Research, Buyers, Sellers, Landlords, Homeowners
Tags: legislative issues, texas legislature, closing, cfpb, statewide proposition 1, proposition 1, forms, tar forms, trec forms, trec, industry news, market news, news

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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