AB 851: Real property transactions: Counties of Los Angeles and Ventura wildfires: unsolicited offers.

A new law aims to regulate unsolicited offers for residential real property in certain zip codes in the counties of Los Angeles and Ventura. The law prohibits buyers from making offers for less than the property's fair market value, as determined on January 6, 2025. To avoid prosecution, buyers and sellers must sign a written attestation stating the offer was solicited. The law also grants sellers the right to cancel purchase agreements entered into in violation of the provisions and subjects violators to a civil penalty. The law is intended to protect property owners from unfair offers during the current state of emergency.