Last weekend, the Texas House unanimously voted in support of the TAR-supported joint resolution to modernize the home-equity provisions in the Texas Constitution, after the joint resolution received the full support of the Texas Senate last month.
The joint resolution would provide a few select updates to the home-equity provisions in the Texas Constitution, including lowering the fee cap to 2% and removing three of the top fee generators from the fee cap (appraisal fee, survey, and state base premium for title insurance policy/title examination report). See a one-page summary of the joint resolution and its supporters.
The joint resolution will head to the secretary of state to be included on the November ballot as a constitutional amendment. If voters approve the amendment, it will take effect Jan. 1, 2018.
The Texas Legislature saw value in this joint resolution largely due to your efforts last month during REALTOR® Day at the Texas Capitol. Texas REALTORS® educated lawmakers on the need to modernize the home-equity provisions in the Texas Constitution to ensure homeowners can access the equity in their properties.