Sacramento California Assignment and Bill of Sale of Gathering Systems for Undivided Interests in Multiple Gathering Systems
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FAQ
The California State Board of Equalization is responsible for overseeing the collection of taxes, including income taxes in California. This board manages various tax-related duties, ensuring taxpayer compliance and reporting. Understanding the role of this board can be helpful when navigating legal transactions, such as in the Sacramento California Assignment and Bill of Sale of Gathering Systems for Undivided Interests in Multiple Gathering Systems.
The Subdivided Lands Act is a consumer protection statute primarily intended to ensure adequate disclosures are made. The Subdivided Lands Act regulates public offerings of land in subdivisions for sale or lease and is interpreted and enforced by the California Department of Real Estate.
When is the TDS required? The TDS law applies to transfers (including options and lease options) of real property (or a residential stock cooperative) improved with four or fewer dwelling units. It also applies to resale of personal property manufactured homes and mobile homes intended to be used as a residence.
Does the public report expire? Every public report issued by the Department of Real Estate contains an expiration date. In most cases, the Final White Public Report is valid for five years. It is important that a current and valid Public Report be maintained during the advertising and sales phases of the development.
The Subdivision Final Public Report ("Public Report") is a disclosure statement for the public which permits the sale or lease of lots, parcels or units within a subdivision.
Public reports contain information of vital importance to prospective buyers including covenant, conditions and restrictions which govern the use of property, costs and assessments for maintaining homeowners' associations and common areas, and other material disclosures.
A transfer disclosure statement (TDS) is required by California law in Section 1102 of the California Civil Code. This document is one of the seller disclosures that buyers receive during their contract contingency period. Its purpose is to let a buyer know of major defects in a property as required by California law.
What types of subdivision projects would be exempt from obtaining a Public Report? Those subdivisions with less than five units. Subdivisions offered by public agencies. Commercial and industrial subdivisions. A standard subdivision (having no common area) within the boundaries of a city with all lots to be improved.
Under the Subdivided Lands Act, a subdivision is defined as a division of land into 5 or more lots for the purpose of selling, leasing, or financing, whether now or in the future.
"When land is subdivided into five or more parcels, the subdivider must file a tentative subdivision map with the local planning agency.