(a) A broker appointed to offer property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under Section 874.316 or 874.320.

(b) The report required by subdivision (a) shall contain the following information:

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(1) A description of the property to be sold to each buyer.

(2) The name of each buyer.

(3) The proposed purchase price.

(4) The terms and conditions of the proposed sale, including the terms of any owner financing.

(5) The amounts to be paid to lienholders.

(6) A statement of contractual or other arrangements or conditions of the broker’s commission.

(7) Other material facts relevant to the sale.

(Amended by Stats. 2022, Ch. 82, Sec. 10. (AB 2245) Effective January 1, 2023.)