§1705 — Title 15 Commerce and Trade | U.S. Code

Summary

A developer must file a statement of record for the subdivision. It must include information and documents covering 12 items that help protect buyers. These items include names, addresses, and how much interest each person has in the lots; a legal description, total area, topography, and a map showing lot sizes and relation to streets; the title status and any liens or deed limits; the general sale or rent terms and the price range; current access, any known noise or safety problems, availability of sewage and public utilities (water, electricity, gas, telephone), miles to nearby towns, and planned improvements with an estimated schedule; if a blanket lien exists, what it means for a buyer and any protections; the developer’s organizing papers (like articles of incorporation, trust or partnership documents) and similar papers for anyone holding title; copies of deeds, liens, title opinions, or title insurance; the forms buyers will sign; easement and restriction documents; financial statements the Director requires; and any other documents or certificates the Director finds necessary to protect purchasers.

Title 15, §1705

Commerce and Trade — Source: USLM XML via OLRC

The statement of record shall contain the information and be accompanied by the documents specified hereinafter in this section— (1)

(2)a legal description of, and a statement of the total area included in, the subdivision and a statement of the topography thereof, together with a map showing the division proposed and the dimensions of the lots to be covered by the statement of record and their relation to existing streets and roads;

(3)a statement of the condition of the title to the land comprising the subdivision, including all encumbrances and deed restrictions and covenants applicable thereto;

(4)a statement of the general terms and conditions, including the range of selling prices or rents at which it is proposed to dispose of the lots in the subdivision;

(5)a statement of the present condition of access to the subdivision, the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer, the availability of sewage disposal facilities and other public utilities (including water, electricity, gas, and telephone facilities) in the subdivision, the proximity in miles of the subdivision to nearby municipalities, and the nature of any improvements to be installed by the developer and his estimated schedule for completion;

(6)in the case of any subdivision or portion thereof against which there exists a blanket encumbrance, a statement of the consequences for an individual purchaser of a failure, by the person or persons bound, to fulfill obligations under the instrument or instruments creating such encumbrance and the steps, if any, taken to protect the purchaser in such eventuality;

(7)(A)copy of its articles of incorporation, with all amendments thereto, if the developer is a corporation; (B) copies of all instruments by which the trust is created or declared, if the developer is a trust; (C) copies of its articles of partnership or association and all other papers pertaining to its organization, if the developer is a partnership, unincorporated association, joint stock company, or any other form of organization; and (D) if the purported holder of legal title is a person other than developer, copies of the above documents for such person;

(8)copies of the deed or other instrument establishing title to the subdivision in the developer or other person and copies of any instrument creating a lien or encumbrance upon the title of developer or other person or copies of the opinion or opinions of counsel in respect to the title to the subdivision in the developer or other person or copies of the title insurance policy guaranteeing such title;

(9)copies of all forms of conveyance to be used in selling or leasing lots to purchasers;

(10)copies of instruments creating easements or other restrictions;

(11)such certified and uncertified financial statements of the developer as the Director may require; and

(12)such other information and such other documents and certifications as the Director may require as being reasonably necessary or appropriate for the protection of purchasers.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pars. (11), (12). Pub. L. 111–203 substituted “Director” for “Secretary”. 1970—Par. (5). Pub. L. 91–609 required the statement of record to contain a statement of the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date

Section effective upon the expiration of two hundred and seventy days after Aug. 1, 1968, see section 1423 of Pub. L. 90–448, set out as a note under section 1701 of this title.

§1705 Information Required in Statement of Record

Summary

Title 15, §1705

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata