| Unless
the project is exempt by operation of law, a person intending
to offer subdivided lands for sale (or lease, if that
is the marketing plan) must apply for and obtain a public
report from the Department of Real Estate. The public
report is a detailed statement which discloses to prospective
buyers pertinent facts about a subdivision. The report
includes information about utilities and water, roads,
soil and geologic conditions, title, zoning and use, hazards,
and any financial arrangements for completion of the subdivision.
In the case of a common interest subdivision, information
is also provided about the homeowners’ association,
the assessments, budget, and governing documents.
A subdivider or his agent must post a copy of the public
report in a conspicuous place in any office where sales
of subdivision interests are conducted, and must give
a copy to any member of the public who asks for one
and to each prospective buyer prior to entering into
a contract to purchase. The subdivider, owner, or the
agent of the subdivider or owner must have each prospective
buyer sign a receipt that he or she has received and
has had an opportunity to read the public report before
entering into an agreement to purchase. The subdivider
is required to keep the receipt for three years.
If the subdivision interest being offered is in a common
interest development (a planned development, stock cooperative,
condominium, or community apartment project), the subdivider
or his agent must give the buyer a detailed statement
called "Common Interest Development General Information."
This statement, contained in the public report, explains
what ownership in a common interest development means
with regard to: mandatory membership in the association;
rights and remedies under the governing documents; payment
of assessments; ownership and use of the recreational
facilities; the responsibilities and powers of the governing
body; and voting rights.
Business and Professions Code Section
11000 et seq
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