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)