Current through Register 2024 Notice Reg. No. 38, September 20, 2024
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.
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).
Note: Authority cited: Sections
11001
and
11010.2,
Business and Professions Code. Reference: Section
11010.2,
Business and Professions Code.
