§ 1695.3. — 1695.3. (Amended by Stats. 1980, Ch. 423, Sec. 5.)

California § 1695.3.

• Jurisdiction: California
• Code CIV: Civil Code - CIV
• Div. 3.: DIVISION 3. OBLIGATIONS
• Title: 5.
• Part 2.: TITLE 5. EXTINCTION OF CONTRACTS
• Ch. 2.5.: CHAPTER 2.5. Home Equity Sales Contracts

Text

Every contract shall contain the entire agreement of the parties and shall include the following terms:
(a)
The name, business address, and the telephone number of the equity purchaser.
(b)
The address of the residence in foreclosure.
(c)
The total consideration to be given by the equity purchaser in connection with or incident to the sale.
(d)
A complete description
of the terms of payment or other consideration including, but not limited to, any services of any nature which the equity purchaser represents he will perform for the equity seller before or after the sale.
(e)
The time at which possession is to be transferred to the equity purchaser.
(f)
The terms of any rental agreement.
(g)
A notice of cancellation as provided in subdivision (b) of Section 1695.5.
(h)
The following notice in at least 14-point boldface type, if the contract is printed or in capital letters if the contract is typed, and completed with the name of the equity purchaser, immediately above the statement required by Section 1695.5(a):
“NOTICE REQUIRED BY CALIFORNIA LAW
Until your right to cancel this contract has ended,
(Name)
or anyone working for
(Name)
CANNOT ask you to sign or have you sign any deed or any other document.”
The contract required by this section shall survive delivery of any instrument of conveyance of the residence in foreclosure, and shall have no effect on persons other than the parties to the contract.

Legislative History

Amended by Stats. 1980, Ch. 423, Sec. 5. Effective July 11, 1980.