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Showing posts from March 3, 2008

More New Pending Legislation for Property Owners

I guess that there just is no limit to what lawmakers can think up - or to their collective genius, to wit:

HB5160 would amend the Mortgage Act to make anyone (buyer or mortgage lender) who is required to deliver funds to complete a real estate closing do so at the closing. (Seems obvious right?) A person who fails to make any required payment at closing would be liable to any party involved in the closing who incurs a loss or expense because of the delay, plus costs and reasonable attorney's fees.

HB5189 would amend the Condominium Property Act to prohibit Condominium Associations and other "common interest communities" from barring unit owners from leasing up to one fifth of the units. Sure hope you dont mind if your neighbor wants to rent his unit out....

HB5896 would amend the Code of Civil Procedure to add one more hoop for mortgage lenders to jump through (one more "safeguard" for borrowers behind on their mortgage payments) before they can start a foreclos…