SECTIONS 2995
CIVIL CODE
SECTION 2995
SECTION 2995
2995. No real estate developer shall require as a conditionprecedent to the transfer of real property containing a single familyresidential dwelling that escrow services effectuating such transfershall be provided by an escrow entity in which the real estatedeveloper has a financial interest. A real estate developer who violates the provisions of thissection shall be liable to the purchaser of the real property in theamount of three times the amount charged for the escrow services, butin no event less than two hundred fifty dollars ($250), plusreasonable attorney's fees and costs. For purposes of this section "financial interest" means ownershipor control of 5 percent or more of an escrow entity. For purposes of this section "real estate developer" means aperson or entity having an ownership interest in real property whichis improved by such person or entity with single family residentialdwellings 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 beagainst public policy and void.