§ 2792.1. Substantially Complete Application - Condominium, Planned Development, Community Apartment Project and Undivided Interest Subdivision.

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 condominium project, community apartment project or planned development:

(1) All of the applicable documents and information listed under subdivision (a) of Section 2792.

(2) Proposed or existing governing instruments for the owners' association.

(3) Condominium plan if the subdivision is a condominium.

(4) Plot plan delineating all improvements including recreational amenities if the subdivision is not a condominium.

(5) Overall subdivision plan if the subdivision is part of a phased development.

(6) Evidence of financial arrangements for completion of the common areas and facilities in the offering.

(7) Copies of all contracts or proposed contracts obligating the owners' association.

(8) Agreement of subdivider to subsidize common area maintenance and owners' association operation where applicable.

(9) Financial arrangements to assure performance of the subdivision agreement where applicable.

(10) Detailed pro forma budget reflecting estimated costs of ownership, operation and maintenance expenses and reserves for the subdivision.

(11) Most recent balance sheet and annual operating statement for the owners' association if applicable.

(12) Duplicate budget package for departmental analysis of proposed budget for common area maintenance and owners' association operations.

(13) Subdivision trust agreement if applicable.

(14) Exemplar of deed for conveyance of common area to owners' association.

(15) Exemplar of escrow instructions 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 subdivision interests 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.

(E) Provision for conveyance of common area to owners' association if applicable.

(16) A completed supplemental questionnaire if the project is a conversion of an existing structure to a condominium or community apartment project.

(17) A permit issued by the Department of Corporations if applicable to the offering.

(b) For an undivided interest subdivision:

(1) All of the applicable documents and information listed in subdivision (a) above.

(2) A proposed schedule of undivided interests in the subdivision sufficient to identify the undivided interest acquired by each purchaser.

(3) Statement from the appropriate authority of the county in which the real property is located setting forth the proposed method to be used in assessing and collecting real property taxes for the subdivision.

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; and 63, No. 14.

2. Amendment of subsection (a), repealer of former subsections (b)-(b)(6) and (c)(2), subsection relettering and renumbering, and amendment of Note filed 12-30-97; operative 1-29-98 (Register 98, No. 1).

Note

Note: Authority cited: Sections 11001 and 11010.2, Business and Professions Code. Reference: Section 11010.2, Business and Professions Code.