A. "Buyer" means a transferee in a real property
transaction, and includes a person who executes an offer to purchase
real property from a seller through an agent, or who seeks the services
of an agent with the object of entering into a real property transaction.
"Buyer" includes vendee or lessee.
B. "Offer to purchase" means a written contract
executed by a buyer acting through a selling agent which becomes the
contract for the sale of the real property upon acceptance by the
seller.
C. "Owner" means any person, co-partnership,
association, corporation, or fiduciary having legal or equitable title
or any interest in real property.
D. "Real property transaction" means a transaction
for the sale of real property in which an agent is employed by one
or more of the principals to act in that transaction, and includes
a listing or an offer to purchase.
E. "Sale" means a transaction for the transfer
of real property from the seller to the buyer and includes exchanges
of real property between the seller and buyer, transactions for the
creation of a real property sales contract within the meaning of California
Civil Code Section 2985, and transactions for the creation of a leasehold
exceeding one year's duration.
F. "Selling agent" means a listing agent who
acts alone, or an agent who acts in cooperation with a listing agent,
and who sells or finds and obtains a buyer for the real property,
or an agent who locates property for a buyer or who finds a buyer
for a property for which no listing exists and presents an offer to
purchase to the seller.
(Added by Ord. No. 2486CCS §§ 1, 2, adopted June 23, 2015)
If real property is a City-Designated
Historic Resource or has been identified in the City's Historic Resource
Inventory or any update thereto, the owner or the selling agent of
the real property shall, in any real property transaction, provide
the buyer of the real property with notice informing the buyer of
the property's historic status. The owner or the selling agent shall
provide the notice to the buyer within the time specified by contract
for seller to provide buyer with any and all seller disclosures. The
buyer shall execute a receipt therefor as furnished by the City and
said receipt shall be delivered to the City Clerk as evidence of compliance
with the provisions of this Chapter upon removal of all buyer contingencies,
or within 7 days of title transfer.
(Added by Ord. No. 2486CCS §§ 1, 2, adopted June 23, 2015)
If any disclosure required to be made by this Chapter is delivered after the execution of an offer to purchase, the buyer shall have three days after delivery in person or 5 days after delivery by deposit in the mail to terminate his or her offer by delivery of a written notice of termination to the owner or selling agent. Any person who violates the provisions of this Chapter shall be subject to the penalties and remedies specified in Chapter
1.08. In addition, a buyer who does not receive the notice required by Section
9.33.020 may bring a civil action for damages.
(Added by Ord. No. 2486CCS §§ 1, 2, adopted June 23, 2015)