California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 12 - Subdivisions › Section 2792.2 - Substantially Complete Application-Stock Cooperative and Limited Equity Housing Cooperative

Current through Register 2024 Notice Reg. No. 28, July 12, 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.