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HomeEducation CodeCh. 4Art. 4§ 17473 Oral Bids Over Written

§ 17473 Oral Bids Over Written

Education Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 17473 Oral Bids Over Written

Key Takeaways

  • •Before accepting any written offers, the board must ask for spoken (oral) bids first.
  • •If someone offers a higher price (at least 5% more) during the oral bidding, that higher offer wins—if it’s from a trustworthy person.
  • •The winning oral bid must be written down and signed to be official.

Example

A school board is selling an old building. They get a written offer for $100,000. Before accepting it, they ask for oral bids.

If someone shouts out, 'I’ll pay $105,000!' (which is 5% more), and they seem responsible, the board must take that higher offer instead. But the person has to sign a paper to make it official.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 17473 Oral Bids Over Written

Before accepting any written proposal, the board shall call for oral bids. If, upon the call for oral bidding, any responsible person offers to purchase the property or to lease the property, as the case may be, upon the terms and conditions specified in the resolution, for a price or rental exceeding by at least 5 percent, the highest written proposal, after deducting the commission, if any, to be paid a licensed real estate broker in connection therewith, then the oral bid which is the highest after deducting any commission to be paid a licensed real estate broker, in connection therewith, which is made by a responsible person, shall be finally accepted. Final acceptance shall not be made, however, until the oral bid is reduced to writing and signed by the offeror. (Added by Stats. 1996, Ch. 277, Sec. 3. Effective January 1, 1997. Operative January 1, 1998.)

Last verified: January 23, 2026

Key Terms

oral bidswritten proposalresponsible person5 percenthighest written proposalcommissionlicensed real estate brokerfinal acceptance

Related Statutes

  • § 17474 Broker Commission Distribution Rules
  • § 17468 Broker Commissions For Proposals
  • § 17460 School District Lease Financing
  • § 17475 Final Acceptance Timeframe
  • § 33552 Commission Member Expense Reimbursement

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 17473.
View Official Source