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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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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