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TdieTvlelHopeerre’s responsibiliTies, ConT. TiTTle Here
If your project is a residential condominium or planned development of 5 or more lots or units, OR if your project is a standard subdivision of 5 or more lots, located in an unincorporated area of the County, then you will need to process an application with the Department of Real Estate (DRE) for a Public Report. You must have at least one of the types of Public Reports offered by the DRE before you can offer your lots or units for sale. A list and explanation of the Public Reports and their process can be found under the section, “Obtaining Your Public Report” on page 19 of this handbook.
The developer’s responsibilities in the DRE process are as follows:
• Contract with a qualified Attorney for the preparation of management documents (CC&Rs, Bylaws, Articles of Incorporation) and any other documents your attorney may prepare for you.
• Contract with a qualified Budget Preparer for the preparation of a homeowner’s association maintenance budget.
• Select your Escrow Company who will handle the escrows for the entire project.
• Contact your Chicago Title Sales Representative to discuss who will be handling your DRE processing. Your processing may be handled by your attorney, an independent DRE processor or a DRE consultant at Chicago Title. If you are new to the process or
if the project has complexities that would benefit from a preliminary meeting of the Development Team, your sales representative can set it up for you.
• Provide your DRE Consultant with the information they request for applications and forms to be submitted to the DRE.
• Obtain or be involved in obtaining the necessary signatures and notary acknowledgements on the CC&Rs, Subordination to the CC&Rs, and Condominium Plan (if a condominium project).
• Obtain a DRE Maintenance Bond, once the DRE has approved the maintenance budget and provided the bond amount. Your DRE processor will advise you if other DRE bonds are required.
• Complete the DRE on-line survey, which is required before the DRE will release your Final Public Report.
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