C.A.R. has issued an urgent Red Alert. Please look for it and respond today.
C.A.R. is OPPOSING AB 1406 (Ward) which MORE THAN TRIPLES the statutory cap on liquidated damages in transactions where a buyer is purchasing a newly constructed owner-occupied condominium from a developer. The cap would increase from 3 percent to 10 percent of the purchase price. C.A.R. opposes AB 1406 because it dismantles strong long-standing consumer protections for buyers, putting their savings, life-changing sums of money, at risk to finance the condominium projects. The bill will be voted on soon by the entire Assembly.
Please call your Assemblymember TODAY to OPPOSE AB 1406. Look for an email from REALTOR® Party of California with a subject line that reads, “Red Alert! Stop AB 1406 – Triples Cap on Liquidated Damages.”
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