Under the Subdivided Lands Law, when must a subdivider give a prospective purchaser a copy of the Real Estate Commissioner's public report?
Correct Answer
A) Before the purchaser executes a binding contract to buy or lease a lot
Business and Professions Code §11018.1 requires the owner, subdivider, or agent to give a copy of the Commissioner's public report to the prospective purchaser prior to the execution of a binding contract or agreement for the sale or lease of a lot or parcel, and to take a receipt from the purchaser in the form the Commissioner's regulations prescribe. The point of the delivery is to let the buyer read the report before committing, so delivery after signing or at closing comes too late. The same section separately requires a copy to be furnished at any time, on oral or written request, to any member of the public, and requires notice of that availability to be posted at the sales office.
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Related Topics & Key Terms
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