1670.50
Effective Jan 1, 2025Added by Stats. 2024, Ch. 516, Sec. 2. (AB 2992) Effective January 1, 2025.
- (a) A buyer-broker representation agreement shall be executed between a buyer’s agent and a buyer as soon as practicable, but no later than the execution of the buyer’s offer to purchase real property.
(b) The buyer-broker representation agreement shall include, but not be limited to, terms related to all of the following:
- (1) Compensation of the real estate broker.
- (2) Services to be rendered.
- (3) When compensation is due.
- (4) Contract termination.
- (c) Prior to execution of a buyer-broker representation agreement between the buyer and the buyers’s agent, the buyer’s agent shall provide the disclosure form required by Section 2079.14 to the buyer.
(d)
- (1) A buyer-broker representation agreement shall not last longer than three months from the date the agreement was made. This paragraph shall not apply to a buyer-broker representation agreement entered into between a real estate broker and a corporation, limited liability company, or partnership.
- (2) A buyer-broker representation agreement shall not renew automatically, and a renewal of a buyer-broker representation agreement shall be in writing and be dated and signed by all parties to the agreement. A renewal of a buyer-broker representation agreement subject to paragraph (1) shall not last longer than three months from the date the renewal was made.
- (3) A buyer-broker representation agreement that is made in violation of this subdivision is void and unenforceable.
- (e) A person licensed pursuant to Division 4 (commencing with Section 10000) of the Business and Professions Code who violates this section shall be deemed to have violated that person’s licensing law.
- (f) For the purposes of this section, “buyer-broker representation agreement” means the same as it is defined in subdivision (p) of Section 2079.13.