Page 9 - CTT Subdivision_Manual_CA
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Once your project has received a Final Public Report from the DRE, you are ready to start or complete your sales program.
Your responsibilities will now include:
• Provide your buyers, through your sales agents or escrow with a copy of the DRE Public Report and the Purchaser Documents (i.e. CC&Rs, Bylaws, Articles of Incorporation, Maintenance Budget, Natural Hazard Disclosure, Condominium Plan [if a condominium project] and any project specific disclosures or warranties that you may have had prepared).
• Contact your Chicago Title Sales Representative to set up your sale-out title orders and request an Indemnity approval, if you expect to close escrows within 90 days of completion.
• Prepare an Address Certification List which will be provided by your Chicago Title Sales Representative. This will be your official list and comparison of the project addresses and unit numbers as posted on the door with the recorded subdivision map or Condominium Plan. The list will also include any parking assignments, if applicable. The list should be maintained by the sales office, your title officer and your escrow officer. Any changes will require immediate notification to all.
• Purchase the Homeowners Association blanket insurance policy (condominium) or common area policy (planned development).
• Prepare a Notice of Completion to be recorded by Chicago Title within 10 days of the completion date.
• Provide escrow with a property tax estimate if the taxes are unsegregated and you will be closing escrows between July 1st and November 1st. This estimate will be used for proration purposes. Consult with your Chicago Title Sales Representative about setting up a Tax Hold account for the payment of future unsegregated taxes.
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