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§ 5571. Notification of Escrow Opening and Establishment of a 120-Day Moratorium on the Title R...

25 CA ADC § 5571Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 25. Housing and Community Development
Division 1. Housing and Community Development
Chapter 5. Registration and Titling of Manufactured Homes, Mobilehomes, Multifamily Manufactured Home, Commercial Modular, Truck Campers, and Floating Homes
Article 7. Dealer Sale Requirements
25 CCR § 5571
§ 5571. Notification of Escrow Opening and Establishment of a 120-Day Moratorium on the Title Record.
Currentness
(a) The escrow agent shall submit a notification of escrow opening to the department within three working days of receipt of:
(1) a notification from a dealer that the seller of a used manufactured home, mobilehome, or multi-unit manufactured housing has accepted an offer to purchase or lease with an option to purchase, and
(2) mutually-endorsed escrow instructions.
(b) The notification of escrow opening shall be signed under penalty of perjury by the escrow agent, and shall contain the following information:
(1) the unit(s) identifying information;
(2) the escrow identifying information; and
(3) the date escrow opened.
(c) Payment of the Escrow Opening Fee required by subsection 5660(j) shall be submitted with the notification of escrow opening.
(d) Once the notification of escrow opening and payment of the Escrow Opening Fee has been received, the department shall place a 120-day moratorium on the permanent title record of the identified unit, during which time no changes to the permanent titling record can occur, until the escrow has either been closed or canceled.

Credits

Note: Authority cited: Sections 18015 and 18075, Health and Safety Code. Reference: Sections 18035(d)(2) and 18100.5(b), Health and Safety Code.
History
1. New section filed 12-31-97; operative 1-1-98 pursuant to Government Code section 11343.4(d) (Register 98, No. 1).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 25, § 5571, 25 CA ADC § 5571
End of Document