2007 - Condominiums: Contracts

County of Los Angeles
Department of Consumer Affairs
New Consumer Laws 2007

Condominiums: Contracts

Civil Code Section 2985

The law defines a “real property sales contact” as an agreement in which the parties agree to convey title to real property to the other upon the satisfaction of specified conditions.

This bill excludes large-scale condominiums (25 units or more), with conditional public reports from the requirements proscribed for installment land contracts when the conditional public report lasts longer than one year. Among these requirements are obtaining written consent from each individual purchaser each time the selling developer either changes its financing or adds a new encumbrance to the condominium development.

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For more information:
County of Los Angeles Department of Consumer Affairs
B-96 Kenneth Hahn Hall of Administration
500 W. Temple Street * Los Angeles, CA 90012-2706
Telephone (800) 593-8222 (within the County) * (213) 974-1452
web site: dca.lacounty.gov