2009 California Civil Code - Section 2995 :: Chapter 2e. Controlled Escrows


2995.  No real estate developer shall require as a condition
precedent to the transfer of real property containing a single family
residential dwelling that escrow services effectuating such transfer
shall be provided by an escrow entity in which the real estate
developer has a financial interest.
   A real estate developer who violates the provisions of this
section shall be liable to the purchaser of the real property in the
amount of three times the amount charged for the escrow services, but
in no event less than two hundred fifty dollars ($250), plus
reasonable attorney's fees and costs.
   For purposes of this section "financial interest" means ownership
or control of 5 percent or more of an escrow entity.
   For purposes of this section "real estate developer" means a
person or entity having an ownership interest in real property which
is improved by such person or entity with single family residential
dwellings which are offered for sale to the public.
   For purposes of this section "escrow entity" includes a person,
firm or corporation.
   Any waiver of the prohibition contained in this section shall be
against public policy and void.

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