California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2790.8 - Existing Subdivision Interest Disclosure

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An applicant for a public report for the
				sale or lease of an existing subdivision interest shall include an Existing
				Subdivision Interest Disclosure Statement with the public report
				application.
(b) The Existing
				Subdivision Interest Disclosure Statement shall be completed and provided by
				the Subdivider/Seller (Seller) to each buyer as soon as practicable before the
				transfer of title.
(c) If any
				Existing Subdivision Interest Disclosure required by this Section is delivered
				after the execution of an offer to purchase, the buyer shall have three days
				after delivery in person or five days after delivery by deposit in the mail, to
				terminate the purchase agreement by delivery of a written notice of termination
				to the Seller.
(d) The Seller is
				obligated to disclose information in the Existing Subdivision Interest
				Disclosure based on Seller's actual knowledge, after making a reasonable effort
				to obtain such information, whether derived from Seller's own investigation and
				inspection of the Existing Subdivision Interest or from written reports
				prepared by third parties retained by Seller to perform inspections.
(e) The Seller shall amend any information in
				an Existing Subdivision Interest Disclosure after the Disclosure is provided to
				the buyer, if the information in the Disclosure is or becomes materially
				inaccurate and the Seller has actual knowledge of the inaccuracy. The Seller is
				otherwise not required to amend the Disclosure once it has been provided to the
				Buyer. A buyer shall have the right to terminate a purchase agreement based on
				an amended Disclosure if the amended Disclosure shows that the original
				Disclosure was inaccurate or has become inaccurate in any material respect.
				Buyer shall have three days after delivery in person or five days after
				delivery by deposit in the mail of the amended Disclosure to terminate the
				purchase agreement by delivery of a written notice of termination to the
				Seller.
(f) The term "Existing
				Subdivision Interest" as used in this section is a subdivision interest
				described in Section
				11004.5 of the Code where the
				dwelling comprising the subdivision interest has been completed (completion is
				normally the date on which a Notice of Completion has been recorded evidencing
				completion of the improvement) or occupied (the occupancy of the improvements
				is normally the date shown by the issuance of a Certificate of Occupancy or
				equivalent issued by the local jurisdiction), whichever occurs first, three (3)
				years or more before the date that the public report application is filed with
				the Bureau.
1. New section
				  filed 2-14-2008; operative 3-15-2008 (Register 2008, No. 7). For prior history,
				  see Register 85, No. 2.
2. Change without regulatory effect amending
				  subsection (f) filed 6-30-2014 pursuant to section
				  100, title 1, California Code of
				  Regulations (Register 2014, No. 27).
Note: Authority cited: Section
					 11001,
					 Business and Professions Code. Reference: Sections
					 10050
					 and
					 11010,
					 Business and Professions Code.