A real estate agent in California prepares a purchase offer for a buyer on a residential property in Bakersfield. The agent explains that for the contract to be valid, the property description must be included. Under California law, what is the MINIMUM acceptable property description in a real estate contract?
Correct Answer
D) A description sufficient to identify the property, such as assessor's parcel number or legal description
Under California law, a real estate contract must contain a description sufficient to identify the property. This can be an assessor's parcel number (APN), legal description, or other identification that removes ambiguity. The CAR Residential Purchase Agreement typically uses the street address along with the APN for adequate identification.
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Previous Question
A seller in Irvine lists her home for $720,000. A buyer submits an offer at $700,000 with a 30-day close of escrow. The seller crosses out the 30-day close and writes in 45 days, then signs and returns the document. The buyer signs the modified document without objection. Under California law, at what point was a binding contract formed?
Next Question
A California real estate broker receives two offers simultaneously on a property listed in Stockton for $550,000. Offer A is for $540,000 and Offer B is for $555,000. The seller's agent presents only Offer B to the seller, who accepts it. If the buyer from Offer A later discovers this, what violation has the seller's agent committed under California law?