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Under Davis–Stirling, a developer of a common interest development is able to create a homeowner association (HOA) to govern the development. As part of creating the HOA, the developer records a document known as the Declaration of Covenants, Conditions, and Restrictions against the units or parcels within the HOA with the county recorder.
In addition, private transfer fee statutes in Alabama, California, Colorado, Connecticut, Louisiana, Minnesota, Nebraska, Nevada, New Jersey, New York, North Dakota, Pennsylvania, South Carolina, South Dakota, Utah, and Wyoming [11] (as of 2017) require that a separate disclosure document must also be filed in the real property records. The act ...
Signed into law by President Barack Obama on September 18, 2014 Pub. L. 113–167 (text) (PDF) (formerly the bill H.R. 2600 ), a United States public law, that is entitled "to amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums," is a bill that was introduced into the United States House of ...
A regulated developer is to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement and gives the purchaser at a minimum a 7-day period to cancel the purchase agreement.
Prior to October 3, 2015, the form was used in closed-end consumer credit transactions that were secured by real property or cooperative units. But as of that date, the TILA/RESPA integrated disclosure (TRID) rule issued by the Consumer Financial Protection Bureau established a specific HUD-1/HUD-1A exemption. The TRID rule mandates the use of ...
In California, the law requires an annual reserve study Update, with that update prepared on the basis of a "diligent visual site inspection" at least every third year. [6] With the passing of SB 278 in 2010, the state of Utah also requires condominium and community associations to conduct and review reserve studies on a periodic basis.