(a) Except as otherwise provided in this section, a recorded contract for sale of real property expires of record at the later of the following times:
(1) Five years after the date for conveyance of title provided in the contract or, if no date for conveyance of title is provided in the contract, five years after the last date provided in the contract for satisfaction of the specified conditions set forth in the contract.
(2) If there is a recorded extension of the contract within the time prescribed in paragraph (1), five years after the date for conveyance of title provided in the extension or, if no date for conveyance of title is provided in the extension, five years after the last date provided in the extension for satisfaction of the specified conditions set forth in the contract.
(b) The time prescribed in this section may be waived or extended only by an instrument that is recorded before expiration of the prescribed times.
(Added by Stats. 1982, Ch. 1268, Sec. 1.)