time of grading and the time of final planting. 2. Covering the soil with mulch or vegetation. 3. Mechanically retarding the rate of runoff water. 4. Trapping the sediment in the runoff water, by use of temporary silt basins. Temporary control measures in areas affected by heavy grading or cut and fill consist of temporary mulching and seeding to provide quick protection. Permanent control measures consist of sodding and seeding to provide permanent vegetation and the construction of any one or a combination of diversion channels, ditches, or outlet channels, waterway stabilization structures, and sediment control basins. d. Submit a synopsis of the proposed plans, degree of completion of the work and estimated cost of the proposed facilities or improvement. The synopsis shall include but need not be limited to the following: i. Describe the system of collection of surface waters and method of disposal (type of facility, storage, and treatment, if any, and outfall). ii. Describe the steps to be taken to control erosion and sedimentation. iii. State the estimated cost of drainage and flood control facilities. G. Television. 1. Is television reception available to the lots within the subdivision without reception cost? 2. If not, state estimated cost to user. PART IX. RECREATIONAL AND COMMON FACILITIES List any common or recreational facilities which have been or are to be installed for the beneficial use and enjoyment of the owners of lots in the subdivision which have not been discussed in the previous parts of the Statement of Record. Each facility shall be identified. The facilities shall be listed sequentially and the following questions shall be answered for each facility: A. (Name of facility.) 1. If the facility has not been installed, what is the percentage of completion, the estimated schedule for completion and what estimated costs will the purchaser have to pay? 2. What provisions have been made for the maintenance and operation of the facility and what is the estimate of the assessments or other recurring charges to be paid by the purchaser? 3. Include a statement of the assurance of completion of the facility if the developer is responsible for construction. 4. If a property owners' association, or similar organization, owns or will own the facility, so state. If the association has not been formed as a legal entity, state when it is expected to be formed and the conditions under which the association will take title to the facility. 5. Supporting documentation. a. Include a copy of the contract for construction of the facilities, if any, and describe any bond or escrow arrangements to assure completion of the facilities. b. Submit a synopsis of the proposed plans, degree of completion of the work, and estimated cost of the proposed facility or improvement. i. State the dimensions and type of facility. ii. Describe the type of materials to be used in the construction of the facility. iii. Describe the type or design of the construction. iv. State the estimated cost of the proposed facility. PART X. MUNICIPAL SERVICES A. Fire protection. 1. State the availability of fire protection and list the name and address of the particular force exercising jurisdiction over the subdivision. 2. State whether the service is provided by the municipality or by a volunteer organization. 3. State the distance in terms of road miles from the geographical center of the subdivision to the nearest fire station or substation. B. Police protection. State the availability of police protection and list the name and address of the particular force exercising jurisdiction over the subdivision. C. Garbage and trash collection. 1. State the availability of garbage and trash collection service and the name and address of the company which presently furnishes the service. If garbage and trash collection service is not presently available, state whether such service is proposed; and if it is, give the date on which it will become effective. 2. State whether the cost of the service is to be paid directly by the lot owner or whether the service is to be provided by a municipal agency. 3. If the cost of the service is to be paid directly by the lot owners, state the estimated monthly cost per lot. b. State the distance to the school in terms of road miles from the geographical center of the subdivision. c. State whether school bus transportation will be provided. d. State whether public transportation is available to the school. 3. High school. a. State name and address of the nearest high school available to residents of the subdivision. b. State the distance to the school in terms of road miles from the geographical center of the subdivision. c. State whether school bus transportation will be provided. d. State whether public transportation is available to the school. E. Medical and dental facilities. a. State the availability of hospital facilities and the name and address of the particular hospitals available to residents of the subdivision. b. State whether the hospital is publicly or privately owned and whether the services are general or specialized. c. State the bed capacity of the hospital. d. State the distance in terms of road miles from the geographical center of the subdivision to the nearest general hospital. e. State the availability of ambulance service and specify whether this service is furnished by the hospital(s) or by a volunteer organization. 2. Physicians and dentists. a. State the distance in terms of road miles from the geographical center of the subdivision to physicians' and dentists' offices. b. State whether or not public transportation is available from the subdivision to the general physicians' and dentists' offices. F. Public transportation. 1. State whether public transportation is available from the subdivision to nearby municipalities including the frequency, type and estimated cost of service. 2. If no such transportation is available, state whether it will be available and give estimated date of availability. 3. Include in your statement the proposed frequency of service and estimated cost. 4. If public transportation is not presently available from the subdivision, state the distance in road miles to nearest public transportation. G. U.S. Postal Service. 1. State whether the U.S. Postal Service currently delivers mail to each of the lots in the subdivision. If not, state the nearest location where a lot purchaser can pick up his mail and describe that facility. 2. Give the location, including the street address, of the post office responsible for service to the area in which the lot is located. 3. State the distance to the post office identified in 2. above over streets and roads from the center of the subdivision. PART XI. TAXES AND ASSESSMENTS-COMMON FACILITIES A. Will the buyer or lessee be required to pay any property taxes or special assessments to any municipal, governmental or public body after signing the contract of purchase or to lease and prior to delivery of an executed deed or lease? Will the buyer or lessee be required to pay any assessments, dues or other payments to a property owners' association, the developer or any other organization or entity for the maintenance of common facilities or other purposes after signing the contract to purchase or lease and prior to delivery of an executed deed or lease? If the answer to either of the foregoing questions is affirmative, itemize the amounts or rates to be paid and to whom they must be paid. B. Will the buyer or lessee be required to pay any property taxes or special assessments to any municipal, governmental or public body after taking title? Will the buyer or lessee be required to pay any assessments, dues or other payments to a property owners' association, the developer or any other organization or entity for the maintenance of common facilities or other purposes after taking title? If the answer to either of the foregoing questions is affirmative, itemize the amounts or rates to be paid and to whom they must be paid. C. If a property owners' association, the developer, or any other organization or entity, exercises or will exercise any control over or provides or will provide any services or maintenance on any lots or common facilities or areas in or adjacent to the development, include: 1. A statement that the association, organization or other entity has been formed or setting forth the steps to be taken to form such association or organization or other entity. 2. A statement setting forth the requirements for membership in the association, organization or other entity and stating whether all lot owners will be members of the association, organization or other entity and if not whether nonmember lot owners will be liable for assessments levied by that association, organization or other entity. 3. Financial statements or pro forma financial statements of any property owners' association, including a Statement of Sources and Application of Funds for the 12-month period ending not earlier than the 180th day prior to the date of the submission of the Statement of Record and a pro forma Statement of Sources and Application of Funds for the period of time that the developer will control the association. If moneys paid by buyers or lessees as assessments, dues or other payments for the purpose of providing any services or maintenance on any lots or common facilities or areas are received by the developer or any other organization or entity other than a property owners' associa tion, a Statement of Sources and Application of Funds and a pro forma Statement of Sources and Application of Funds covering funds received for such purposes shall be submitted. A financial statement or pro forma financial statement of the developer or other organization or entity shall also be submitted. In no event shall a pro forma Statement of Sources and Application of funds be required to extend beyond 5 years from the date of submission of the Statement of Record. If the developer has no control over the property owners' association or other organization or entity and cannot obtain this information, so state. If the entity incurs a deficit, state how that deficit will be recovered. 4. A statement as to who may use the facilities. 5. A statement of the degree and duration of control of the developer in the association, organization, or other entity. 6. If the association, organization, or other entity has been formed as a legal entity, attach as exhibits copies of articles of association and bylaws or similar documents and a statement from the appropriate State authority confirming that the charter is in effect. If not formed, attach proposed articles of association and bylaws or similar documents, if available. 7. Copy of membership agreement or similar documents. PART XII. OCCUPANCY STATUS A. State the approximate number of dwellings in the subdivision at the time of filing. B. State the number of dwellings which are proposed and the estimated completion date of those dwellings. C. State the approximate number of dwellings presently occupied, if any. PART XIII. SHOPPING FACILITIES A. State what shopping facilities are available to the subdivision. Include available types of stores and consumer services and the distance in terms of road miles from the geographical center of the subdivision to the facilities. B. State whether public transportation is available to the facility, the frequency of the service and the estimated cost. PART XIV. FINANCIAL STATEMENTS A. Submit a copy of financial statements for the last full fiscal year, plus statements for an interim period up to the most recent practicable date. Generally, these should be no more than 6 months old. If the last full fiscal year has ended within the last 90 days and audited financical statements are not yet available, the developer may at his option submit a copy of audited financial statements for the previous full fiscal year, plus unaudited statements for a period up to the most recent practicable date (generally no older than 6 months). The statements shall include a balance sheet, a statement of profit and loss, and a statement of the sources and uses of cash, and shall be prepared in accordance with generally accepted accounting principles, as prescribed by the American Institute of Certified Public Accountants. The fiscal year financial statements shall be audited by an independent licensed public accountant, and shall include a certified opinion unless the aggregate price of the lots to be offered pursuant to the common promotional plan equals $500,000 or less and the subdivision contains less than 300 lots. The developer shall submit new financial statements every 12 months if they disclose a material adverse effect upon the developers' financial position. If the financial statements submitted by the developer disclose a deficit in retained earnings, or that it has sustained an operating loss in the fiscal year being reported, the developer shall amend the property report as required by § 1710.110, part D., 3. of these regulations. B. Describe the financing plan or plans that have been or are to be used in financing the onsite and offsite improvements proposed in the statement of record. Also, describe the financing plan that is to be used, and by whom, in the offering of lots for sale in this subdivision. If secondary financing is contemplated, give details. Describe fully any other financing plan, and with whom, which may affect title to the lots, which is not covered above or elsewhere in this statement of record. PART XV. AFFIRMATION The affirmation shall be signed by the developer's senior executive officer or his duly authorized agent. [38 FR 23875, Sept. 4, 1973; 38 FR 32444, Nov. 26, 1973; 39 FR 38098, Oct. 29, 1974] § 1710.110 Property Report and lease addendum-format and instructions. The Property Report and, if applicable, the lease addendum to be filed with the Office of Interstate Land Sales Registration, Department of Housing and Urban Development, as a part of the Statement of Record, and as provided in § 1710.20, shall be prepared in question and answer form. The Property Report shall state verbatim the questions in this section. The developer shall answer the questions directly and completely in accordance with the format (part A.) and the instructions (part B.-D.) as follows: Part A. Format: PROPERTY REPORT NOTICE AND DISCLAIMER BY OFFICE OF INTERSTATE LAND SALES REGISTRATION U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT The Interstate Land Sales Full Disclosure Act specifically prohibits any representation to the effect that the Federal Government has in any way passed upon the merits of, or given approval to this subdivision, or passed upon the value, if any, of the property. It is unlawful for anyone to make, or cause to be made to any prospective purchaser, any representation contrary to the foregoing or any representations which differ from the statements in this Property Report. If any such representations are made, please notify the Office of Interstate Land Sales Registration at the following address: Office of Interstate Land Sales Registration HUD Building, 451 Seventh Street, S.W. Washington, D.C. 20410 Inspect the property and read all documents. Seek professional advice. Unless you received this Property Report prior to or at the time you enter into a contract, you may void the contract by notice to the seller. If you received the Property Report less than 48 hours prior to signing a contract or agreement you have until midnight of the third business day following the consummation of the transaction to revoke your contract by notice to the seller. 1. Name(s) of developer_- 2. Name of subdivision_. 4. Complete all items under this paragraph regardless of whether the sale will be an installment or cash sale. a. Will the sales contract be recordable? Yes or No? b. In the absence of recording the contract or deed, could third parties or creditors of any person having an interest in the land acquire title to the property free of any obligation to deliver a deed? Yes or No? Explain. c. State whether and/or when the contract or deed will be recorded, and who will record it. State who will bear the costs of recordation, and the amount if those costs are to be borne by the purchaser. d. What provision, if any, has been made for refunds if buyer defaults? If none, and the buyers payments are to be retained, state whether his loss will be limited to the amount of his payments to date, or whether he will be responsible to the developer or his assignees for additional damages or for the balance of his contract. e. State prepayment penalties or privileges, if any. 5. Is there a blanket mortgage or other lien on the subdivision or portion thereof in which the subject property is located? Yes or No? If yes, list below and describe arrangements, if any, for protecting interests of the buyer or lessee if the developer defaults in payment of the lien obligation. If there is such a blanket lien, describe arrangements for release to a buyer of individual lots when the full purchase price is paid. 6. Does the offering contemplate leases of the property in addition to, or as distinguished from, sales? Yes or No? If yes, a lease addendum must be completed, attached, and made a part of the Property Report. 7. Is buyer or lessee to pay taxes, special assessments, or to make payments of any kind for the maintenance of common facilities in the subdivision (a) before taking title or signing of lease or (b) after taking title or signing of lease? If yes, complete the schedule below: Taxes Special assessments_. Approximate amount of buyer's or lessee's annual payments Payments to property owner's association Other Specify 8. a. Will buyer's downpayment and installment payments be placed in escrow or otherwise set aside? Yes or No? If yes, with whom? If not, will title be held in trust or in escrow? b. Except for those property reservations which land developers commonly convey or dedicate to local bodies or public utilities for the purpose of bringing public services to the land being developed, will buyer receive a deed free of exceptions? Yes or No? If no, list all restrictions, easements, covenants, reservations and their effect upon buyer. c. List the permissible uses of the property based upon the restrictive covenants, and which are consistent with local zoning ordinances. 11. Will the water supply be adequate to serve the anticipated population of the area? 12. Is any drainage of surface water, or use of fill necessary to make lots suitable for construction of a one-story residential structure? Yes or No? If yes, state whether any provision has been made for drainage or fill and give estimate of any costs buyer would incur. 13. State whether shopping facilities are available in the subdivision; if not, state the distance in miles to such facilities and whether public transportation is available. 14. Approximately how many homes were occupied as of (insert date of filing)? 15. a. State elevation of the highest and lowest lots in the subdivision and briefly de scribe topography and physical characteristics of the property. b. State in inches the average annual rainfall and, if applicable, the average annual snowfall for the subdivision or the area in which it is located. c. State temperature ranges for summer and winter, including highs, lows and means. 16. Will any subsurface improvement, or special foundation work be necessary to construct one story residential or commercial structures on the land? Yes or No? If yes, state if any provision has been made and estimate any costs buyer would incur. 17. State whether there is physical access (by conventional automobile) over legal rights-of-way to all lots and common facilities in the subdivision. State whether the access will be by public or private roads and streets and whether they will be maintained by public or private funds. 18. Has land in the subdivision been platted of record? Yes or No? If not, has it been surveyed? Yes or No? If not, state estimated cost to buyer to obtain a survey. 19. Have the corners of each individual lot been staked or marked so that the purchaser can identify his lot? If not, state the estimated cost to the purchaser to obtain a survey and to have the corners of his lot staked or marked. 20. Does the developer have a program in effect to control soil erosion, sedimentation and flooding throughout the entire subdivision? Yes or No? Describe the program, if any. Has the plan been approved or must the plan be approved by officials responsible for the regulation of land development? Yes or No. Is the developer obligated to comply with the plan? Yes or No. Include the following information at the end of the property report: SPECIAL RISK FACTORS (a) The future value of land is very uncertain; do NOT count on appreciation. (b) You may be required to pay the full amount of your obligation to a bank or other third party to whom the developer may assign your contract or note, even though the developer may have failed to fulfill promises. he has made. (c) Resale of your lot may be subject to the developer's restrictions, such as limitations on the posting of signs, limitations |