Current through Register Vol. 49, No. 13, September 23, 2024
1. Name(s) of subdivider _____
Address _____
2. Name of subdivision _____
Location ___________ County, State of ______________
a. Effective date of Public Offering
Statement _____
b. This offering
consists of _____
3.
List names and populations of surrounding communities and list distances over
paved and unpaved roads to the subdivision.
| Name of Community |
Population |
Distance Over Paved Roads |
Unpaved Roads |
Total |
a.
_____
b. _____
c. _____
d. _____
e. _____
4. If periodic payments are to be made by a
purchaser (as in the case of installment sales contracts) complete all items
under this paragraph 4. If not, enter "Not Applicable."
a. Will the sales contract be recordable? Yes
or No?
b. In the absence of an
immediate recording of the contract or deed, could third parties or creditors
of any person having an interest in the land acquire title to the property free
of any obligation to deliver a deed? Yes or No? ______
Explain _____
_____
c.
State when the contract or deed will be recorded, and who will record it. State
who will bear the costs of recordation, and the amount if those costs are to be
borne by the purchaser.
d. What
provision, if any, has been made for refunds if purchaser defaults? If none,
and the purchaser payments are to be retained, state whether the purchaser's
loss will be limited to the amount of the payments to date, or whether the
purchaser will be responsible to the subdivider or assignees of the subdivider
for additional damages or for the balance of the contract.
5. Is there a blanket mortgage or other lien
on the subdivision or portion thereof in which the subject property is located?
Yes or No? If yes, list below and describe arrangements, if any, for protecting
interests of the buyer or lessee if the subdivider defaults in payment of the
lien obligation. If there is such a blanket lien, describe arrangements for
release to a purchaser of individual lots when the full purchase price is paid.
|
Type of lien |
Effect on purchaser if subdivider defaults |
| a. |
_____ |
_____ |
| b. |
_____ |
_____ |
| c. |
_____ |
_____ |
6.
Does the offering contemplate leases of the property in addition to, or as
distinguished from, sales? Yes or No? If yes, a lease addendum must be
completed, attached, and made a part of the Public Offering
Statement.
7. Is purchaser or
lessee to pay taxes, special assessments, or to make payments of any kind for
the maintenance of common facilities in the subdivision (a) before taking title
or signing of lease or (b) after taking title or signing of lease? If yes,
complete the schedule below:
|
Approximate amount of purchaser's or lessee's annual
payments |
| Taxes _____ |
$ _____ |
| Special assessments _____ |
_____ |
| Payments to property owners' association_____ |
_____ |
| Other _____ |
_____ |
| Specify _____ |
_____ |
8.
(a) Will purchaser's down payment and
installment payments be placed in escrow or otherwise set aside? Yes or No? If
yes, with whom? If not, will title be held in trust or in escrow?
(b) Except for those property reservations
which land subdividers commonly convey or dedicate to local bodies or public
utilities for the purpose of bringing public services to the land being
subdivided will purchaser receive a deed free of exceptions? Yes or No? If no,
list all restrictions, easements, covenants, reservations and their effect upon
buyer.
(c) List the permissible
uses of the property based upon the restrictive covenants, and which are
consistent with local zoning ordinances.
(d) list all existing or proposed unusual
conditions relating to the location of the subdivision and to noise, safety or
other nuisances which affect or might affect the subdivision.
9.
(a) List all recreational facilities
currently available (e.g., swimming pools, golf courses, ski slopes, etc.).
State who owns or will own the facility and any costs or assessments to the
purchaser or lessee.
(b) If
facilities are proposed or partly completed, state promised completion date,
provisions to assure completion, and all estimated costs or assessments to
purchaser or lessee. If there are no provisions to assure completion, so state.
| Description of each facility |
Percentage of completion |
Estimated completion date |
10. State whether or not the following are
available in the subdivision:
(a) Roads:
1. Access to the subdivision: Paved ______,
unpaved ______, percentage of completion ________, estimated completion date
___________________.
2. Road system
within the subdivision: Paved ______, unpaved ______, percentage of completion
______, estimated completion date _________________.
(b) Utilities:
1. Water.
2. Electricity.
3. Gas.
4. Telephone.
5. Sewage disposal.
6. Drainage and Flood Control.
7. Television.
(c) Municipal Services:
1. Fire protection.
2. Police protection.
3. Garbage and trash collection.
4. Public schools:
A. Elementary schools.
B. Junior high schools.
C. High school.
5. Medical and dental facilities:
A. Hospital facilities.
B. Physicians and dentists.
6. Public
transportation.
7. U.S. Postal
Service.
11.
Will the water supply be adequate to serve the anticipated population of the
area?
12. Is any drainage of
surface water, or use of fill necessary to make lots suitable for construction
of a one-story residential structure? Yes or No? If yes, state whether any
provision has been made for drainage or fill and give estimate of any costs
purchaser would incur.
13. State
whether shopping facilities are available in the subdivision; if not, state the
distance in miles to such facilities and whether public transportation is
available.
14. Approximately how
many homes were occupied as of ______________ (insert date of
filing)?
15.
(a) State elevation of the highest and lowest
lots in the subdivision and briefly describe topography and physical
characteristics of the property.
(b) State in inches the average annual
rainfall and, if applicable, the average annual snowfall for the subdivision or
the area in which it is located.
(c) State temperature ranges for summer and
winter, including highs, lows and means.
16. Will any subsurface improvement, or
special foundation work be necessary to construct one story residential or
commercial structures on the land? Yes or No? If yes, state if any provision
has been made and estimate any costs purchaser would incur.
17. State whether there is physical access
(by conventional automobile) over legal rights-of-way to all lots and common
facilities in the subdivision. State whether the access will be by public or
private roads and streets and whether they will be maintained by public or
private funds.
18. Has land in the
subdivision been platted of record? Yes or No? If not, has it been surveyed?
Yes or No? If not, state estimated cost to purchaser to obtain a
survey.
19. Has each individual lot
been staked or marked so that the purchaser can identify the boundary lines of
the lot? If not, state estimated cost to purchaser or lessee to obtain a survey
and to have boundary lines staked or marked.
20. State whether a comprehensive program is
in effect to control soil erosion, sedimentation, and flooding throughout the
entire subdivision? Yes or No. If yes, has the plan been approved by officials
responsible for the regulation of land development? Yes or No.
21. Will the subdivider represent as a part
of the sales program that the lot has investment potential? Yes or No.
________.
If you as a prospective purchaser are considering the
purchase of a lot as an investment for future resale you should consider the
following potentially adverse factors.
(a) A significant percentage of the sales
price may have been committed to promotional advertising and sales
commission.
(b) Significant costs
may be incurred in the resale of the lot.
(c) Your lot may have to be sold in direct
competition with the subdivider's sales program.
(d) Substantial population growth within the
subdivision cannot be assured.
(e)
Promotional sales stimulus such as that used by the subdivider will not be
available to you.
(f) No assurance
can be given that a real estate broker will agree to list your lot or to show
it to prospective purchasers. This is especially important if your lot is
located in a remote subdivision.
22. State whether the subdivider offers a
resale program for those purchasers who wish to resell their lot. Yes or No
______. State how the purchaser will resell the lot in the absence of such a
program. List any factors which may limit or affect the purchaser's ability to
resell the lot.
Signatures of the Senior Executive Officer of the
Subdivider:
| _____ |
_____ |
| (Title) |
(Date) |
Minnesota addendum.
In addition to the information required above, Public
Offering Statements authorized for use in the State of Minnesota shall include
the following:
1. A statement whether
the subdivider holds any options to purchase adjacent properties, and if so, a
description of such options and the location and zoning of the adjacent
properties.
2. A statement
indicating whether there is as of the date of registration an existing market
for resale of any properties sold pursuant to this offering.
3. The material terms of any encumbrances,
easements, liens, and restrictions, including zoning and other regulations
affecting the subdivided lands and each unit or lot, a statement of the
subdivider's efforts to remove such lien or encumbrance, and a statement of all
existing taxes and existing or proposed special taxes or assessments which
affect the subdivided lands.
4. ALL
SIGNATURES REQUIRED BY THESE RULES MUST BE MANUAL SIGNATURES.
5. The name, principal address and telephone
number of the subdivider and of its offices and agents in this state.
6. A statement asserting that the subdivision
is in compliance with federal, state and local environmental quality standards.
If the subdivision is not in compliance, a listing of the steps to be taken, if
any, to insure compliance.
Statutory Authority: MS s
83.38
