California Governor Signs Buyers Choice Act (AB 957)

California Govenor has signed AB 957 (Galgiani) into law effective October 12, 2009.  This bill prohibits a seller that acquired title to residential real property (1-4 units) at a foreclosure sale from requiring a buyer of that property to purchase title insurance or escrow services from a company chosen by the seller as a condition of receiving offers or selling the residential real property. 

A transaction subject to the act would not be invalidated solely because of the failure of any person to comply with any provision of the Act.  This measure is effective until January 1, 2015, unless extended by the Legislature.