The bill amends the Texas Property Code to establish new regulations regarding the purchase or acquisition of title to real property by certain foreign entities. It specifies that aliens have the same property rights as U.S. citizens, except as outlined in the newly added Subchapter H. This subchapter introduces definitions relevant to the legislation, including "control," "designated country," and "real property." It prohibits governmental entities from designated countries, organizations headquartered in designated countries, or those under the control of such entities from purchasing or acquiring real property in Texas.

Additionally, the bill empowers the Texas Attorney General to enforce these prohibitions by bringing actions against entities that violate the new regulations. If a violation is found, the court can appoint a receiver to manage and sell the property in question. Importantly, the bill clarifies that any purchase or acquisition made in violation of these provisions is not void, ensuring that the validity of such transactions remains intact despite the violation. The changes will take effect on September 1, 2025, and will only apply to transactions occurring on or after that date.

Statutes affected:
Introduced: Property Code 5.005 (Property Code 5)