Principle Criteria
Free Enterprise
Property Rights
Personal Responsibility
Limited Government
Individual Liberty
Digest
HB 622 requires mandatory disclosure of sales prices for commercial and industrial real property transactions. The disclosed price must be included in the deed or other conveyance instrument filed with the county clerk. Failure to comply results in a civil penalty equal to 5% of the sales price, enforceable by the attorney general or local prosecutors. The bill does not apply to transactions involving only mineral rights. This measure aims to increase transparency in real estate transactions, potentially aiding property appraisals and tax assessments.
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