Single-family dwelling units: bundled sales.

Existing law regulates the transfer of property. Existing law generally permits any kind of property to be transferred, subject to specified exceptions. This bill would prohibit a homebuilder of a new single-family dwelling unit, as defined, from conducting a bundled sale of 2 or more parcels of real property containing one to 4 single-family dwelling units, inclusive, under a single assessor's parcel number, in a single transaction to an institutional investor, as defined, if the certificate of occupancy was issued for a single-family dwelling unit within the bundled sale and the contract of sale was entered into on or after January 1, 2025. The bill would exempt a homebuilder from this prohibition if the homebuilder obtains an affidavit signed under penalty of perjury from the buyer that the buyer is not an institutional investor, among other things. By expanding the crime of perjury, the bill would impose a state-mandated local program. This bill would authorize the Attorney General or a district attorney, county counsel, or city attorney to bring a civil action to enforce these provisions. If the Attorney General or a district attorney, county counsel, or city attorney prevails in the civil action, the bill would authorize a court to order the payment of a civil penalty, as specified, and reasonable attorney's fees and costs. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.