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No new report need be obtained by a owner for a residential property for a period of six months after the issuance of a report under the provisions of this division. During said six-months period the City may notify the applicant, at no extra charge to the applicant, of new information of City record that makes the original report obsolete.
(Amended by Ord. No. 185,587, Eff. 7/16/18.)
The reports of the Superintendent of Building and the City Engineer shall be delivered by the owner or the owner’s agent to the buyer or transferee of the subject residential property prior to entering into an agreement of sale or exchange of said property. Except that where in connection with said sale or exchange an escrow agreement has been executed, the seller or the seller’s agent may transmit said reports to the escrow agent with an instruction that said agent present these reports to the buyer or transferee prior to close of escrow, or may instruct the escrow agent to obtain said reports pursuant to the provisions of LAMC Sections 96.303 and 96.305 and present them to the buyer or transferee prior to close of escrow.
(Amended by Ord. No. 153,077, Eff. 11/30/79.)
The provisions of the division shall not apply to:
(a) Property exempt from taxation under the Documentary Transfer Tax Act of the State of California.
(b) The first sale of a residential building or condominium located in a subdivision whose final map has been approved and recorded in accordance with the Subdivision Map Act not more than two years prior to the first sale. Provided, however, that such exception shall not apply to a condominium created in a condominium conversion project, as said terms are defined in LAMC Section 12.03. (Amended by Ord. No. 185,587, Eff. 7/16/18.)
No sale or exchange of residential property subject to the provisions of this division shall be invalidated because of the failure of any person responsible for furnishing the report required by this division to furnish such report unless such failure is an act or omission which would be sufficient ground for the rescission of such sale or exchange in the absence of this division.
Any contract for the sale or exchange of residential property subject to the provisions of this division, including escrow contracts, shall not be invalidated as a result of the information furnished in said report unless it reveals a material misrepresentation or concealment by the owner or unless it reveals a material mistake by both owner and prospective buyer or transferee which would justify a rescission of the sale or exchange in the absence of this division. Should such report reveal such misrepresentation, concealment, or mistake, the sale or exchange may be rescinded or cancelled at the option of the buyer or transferee.
For the first six months after the effective date of the ordinance creating this division, compliance with its provisions by owners of residential property or their agents shall be on a voluntary basis. After the expiration of the aforesaid six-month period, compliance with the provisions of this division shall be mandatory upon those owners of residential property or their agents to whom by its terms it applies.
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