California Business and Professions Code 10141.5 – Within one week after the closing of a transaction negotiated by a …
Within one week after the closing of a transaction negotiated by a real estate broker in which title to real property is conveyed from a seller to a purchaser and a deed of trust secured by real property is executed, such broker shall cause such deed of trust to be recorded with the county recorder of the county in which the real property is located, or cause it to be delivered to the beneficiary with a written recommendation that it be recorded forthwith, unless written instructions not to record are received from the beneficiary. If the transaction is closed through escrow and the deed of trust is delivered to the escrow holder within the time prescribed by this section, that shall be deemed compliance with this section on the part of the broker. Nothing in this section shall affect the validity of a transfer of title to real property.
(Added by Stats. 1968, Ch. 163.)
Terms Used In California Business and Professions Code 10141.5
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- County: includes city and county. See California Business and Professions Code 17
- Deed: The legal instrument used to transfer title in real property from one person to another.
- deed of trust: as used in this part includes "mortgage. See California Business and Professions Code 10028
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.