Plain English Breakdown
The specific ZIP Codes are referenced but not listed in the provided summary; they depend on Executive Orders N-7-25 and N-17-25.
Ban on Unsolicited Home Offers in Wildfire-Affected Areas
This law stops buyers from making unsolicited offers to buy homes for less than their pre-fire fair market value in specific Los Angeles and Ventura County ZIP Codes affected by wildfires.
What This Bill Does
- Prohibits people from making unsolicited offers to purchase residential real property in designated wildfire-affected ZIP Codes for an amount less than the fair market value on January 6, 2025.
- Requires buyers and sellers to sign a written statement confirming they followed this rule before transferring ownership of the home.
- Mandates that buyers attach this signed statement to the deed when recording the transfer of title with local authorities.
- Allows government lawyers, such as district attorneys or city attorneys, to file civil lawsuits against people who break these rules.
- Gives sellers the right to cancel a purchase agreement if it was made in violation of this law.
Who It Names or Affects
- Buyers attempting to make unsolicited offers on homes in specific Los Angeles and Ventura County ZIP Codes.
- Sellers of residential real property located within those designated areas.
- Licensed real estate brokers and salespersons who handle these transactions.
Terms To Know
- Unsolicited offer
- An offer to buy a home that comes from a buyer without being asked or invited by the seller first, as defined in this bill.
- Fair market value
- The price a property would likely sell for on January 6, 2025, before the wildfires occurred.
- Attestation
- A written statement signed by both buyers and sellers confirming they followed the law regarding unsolicited offers.
Limits and Unknowns
- The specific ZIP Codes covered are not listed in this summary but must be identified through official executive orders or state records.
- This law expires on January 1, 2027, and will no longer apply after that date unless renewed by new legislation.