§ 874.321.Broker Shall File Report With the Court; Contents
Title 10.5. Partition of Real and Personal Property · Chapter 10. Partition of Real Property Act · Last amended 2023 · Last verified July 28, 2026
In one sentenceSection 874.321 requires the broker handling an open-market sale to file a report with the court within seven days of receiving a qualifying purchase offer, describing the property, the buyer, the proposed price and terms, payments to lienholders, the broker's commission arrangement, and any other material facts about the sale.
(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:
(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.
Plain-English Summary
The oversight § 874.320(c) requires before a broker's sale closes runs through this section's reporting rule. Once the broker receives an offer to purchase the property for at least the determined value, subdivision (a) gives the broker seven days to file a report with the court.
That report has to cover the essentials: a description of the property being sold to each buyer, the buyer's name, the proposed purchase price, the terms and conditions of the proposed sale, including any owner financing, the amounts to be paid to lienholders, a statement of the broker's commission arrangement, and any other material facts relevant to the sale. That level of disclosure gives the court, and the cotenants, a real chance to review the deal before it closes.
Frequently Asked Questions
How soon must the broker report a qualifying offer to the court?
Within seven days of receiving an offer to purchase the property for at least the § 874.316 or § 874.320 determined value.
What has to be in that report?
A description of the property, the buyer's name, the proposed price and terms (including any owner financing), amounts owed to lienholders, the broker's commission arrangement, and any other material facts relevant to the sale.
Amendment History
Amended by Stats 2022 ch 82 (AB 2245),s 10, eff. 1/1/2023. Added by Stats 2021 ch 119 (AB 633),s 2, eff. 1/1/2022.
Source & verification. Section text is reproduced verbatim from
the Deering's California Codes Annotated / vLex. Enacted by the California Legislature.
Last verified July 28, 2026.
· Official source
Also known as:broker report requirements partition sale california