An application for a final subdivision public report is “substantially complete” within the meaning of Section 11010.2 of the Code if it contains the documents and information enumerated below:
(a) For a stock cooperative subdivision:
(1) Subdivision filing fee including fee for preliminary public report if applicable.
(2) Completed subdivision questionnaire.
(3) Approved tentative subdivision map if applicable.
(4) Plot plan delineating apartments within the subdivision.
(5) Certificate of qualification from Secretary of State if applicant is a foreign corporation.
(6) Consent to service of process upon Secretary of State if applicant is a nonresident of California.
(7) Current preliminary title report covering all subdivision interests for which a public report is sought including:
(A) Legal description of the subdivided property.
(B) Nature of the interest or estate covered by the report.
(C) Record owner of the interest or estate covered by the report.
(D) All easements, liens, rights, interests and claims disclosed by an examination of the indices in the office of the recorder of the county in which the property is located.
(E) Existence of any encroachment of improvements over lines of record title.
(F) All mechanics liens arising out of work completed or in progress.
(G) Existence of assessments or potential assessments for public improvements completed or under construction.
(8) Proposed or recorded covenants, conditions and restrictions for the subdivision, if applicable.
(9) Coastal Commission permit or exemption if subdivision is in coastal zone.
(10) Evidence of availability of domestic utilities and services to the subdivision.
(11) Information concerning hazards and other unusual conditions within or in the vicinity of the subdivision.
(12) Assessment and improvement bond information if applicable to the subdivision interests to be offered.
(13) Exemplars of all marketing, financing and conveyancing instruments to be used in the offering of subdivision interests.
(14) Exemplar of escrow instructions for conveyance of the subdivision to the cooperative corporation.
(15) Exemplar of escrow instructions for issuance of memberships and exclusive occupancy rights to purchasers including at least the following:
(A) A description of the nature of the transaction.
(B) Provision for the return to Buyers of funds deposited toward the purchase of memberships if escrows are not closed on or before a date prescribed in the instructions.
(C) Name and address of the escrow depository to be used.
(D) Provision to assure compliance with subdivision (c) of Section 11018.5 of the Code if applicable.
(16) Bond or other device to be used as a means of compliance with Sections 11013.2 and 11013.4 of the Code.
(17) Narrative explanation of plan for financing sales of memberships in cooperative corporation.
(18) Subordination agreement or other instrument to assure compliance with subdivision (c) of Section 11018.5 of the Code.
(19) Completed documents for reservations and reservation deposits if a preliminary public report is requested.
(20) Evidence of financial arrangements to assure completion or proposed renovation of offsite improvements included in the offering.
(21) Evidence of financial arrangements for completion or renovation of common areas of the subdivision.
(22) Evidence of financial arrangements for any guarantee or warranty included in the offering.
(23) Proposed articles of incorporation for cooperative corporation.
(24) Proposed bylaws for cooperative corporation.
(25) Proposed proprietary lease (exclusive occupancy) agreement and proposed lease assignment instrument if applicable.
(26) Copies of all contracts or proposed contracts obligating the cooperative corporation.
(27) Proposed preclosing rental agreements if applicable.
(28) Completed supplemental questionnaire if the subdivision is a conversion of an existing structure to a subdivision.
(29) Detailed pro forma budget reflecting estimated costs of ownership, operation and maintenance expenses and reserves for the subdivision.
(30) Most recent balance sheet and annual operating statement for the cooperative corporation if applicable.
(31) Agreement of subdivider to subsidize common-area maintenance and cooperative corporation operations if applicable.
(32) Duplicate budget package for the Bureau's analysis of proposed budget for common area maintenance and owners association operations.
(33) Proposed schedule for allocation of assessments for property taxes and corporate debt service (if applicable) to members of the corporation.
(34) Exemplar of deed for conveyance of subdivision to cooperative corporation.
(35) Exemplar of membership certificate or stock certificate to be issued by cooperative corporation.
(36) A permit issued by the Department of Business Oversight if applicable to the offering.
(b) For a limited equity housing cooperative:
(1) All of the applicable documents and information listed in subdivision (a) above.
(2) Information concerning the selling prices and methods for determination of transfer value referred to in Section 33007.5 of the Health and Safety Code.
Credits
Note: Authority cited: Sections 11001 and 11010.2, Business and Professions Code. Reference: Section 11010.2, Business and Professions Code.
History
1. New section filed 12-3-80; effective thirtieth day thereafter (Register 80, No. 49). For history of former section, see Registers 71, No. 50; 65, No. 17; 63, No. 14; and 55, No. 5.
2. Repealer of subsection (a)(21), subsection renumbering, and amendment of Note filed 11-13-96; operative 11-13-96 pursuant to Government Code section 11343.4(d) (Register 96, No. 46).
3. Repealer of subsections (a)(2) and (a)(3), subsection renumbering, and amendment of Note filed 11-27-96; operative 12-27-96 (Register 96, No. 48).
4. Change without regulatory effect amending subsections (a)(32) and (a)(36) filed 6-30-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 27).
This database is current through 5/10/24 Register 2024, No. 19.
