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RESOLUTION 03-18-112<\/p>\n
Resale Correction Policy<\/p>\n
WHEREAS, on May 20, 2014, the Board of Directors approved<\/p>\n
Resolution 03-14-53,<\/p>\n
establishing a security deposit<\/p>\n
for<\/p>\n
resale<\/p>\n
inspections;<\/p>\n
WHEREAS, resale inspections and inspection reports are an integral part<\/p>\n
of the resale process and non-conforming conditions or alterations noted<\/p>\n
on the inspection reports are vital for the protection of Mutual property<\/p>\n
and assets; and,<\/p>\n
WHEREAS, Staff has found the current security deposit section of the<\/p>\n
resale policy to be administratively burdensome and withholds funds from<\/p>\n
members for an unreasonable length of time.<\/p>\n
NOW THEREFORE BE IT RESOLVED, July 17, 2018, that the Board of<\/p>\n
Directors hereby adopts the Proposed Revised Resale Policy as attached<\/p>\n
to the official meeting minutes;<\/p>\n
RESOLVED FURTHER, effective September 1, 2018, corrections and<\/p>\n
deficiencies found in the resale inspection will be noted in the report and<\/p>\n
will be provided to the seller;<\/p>\n
RESOLVED FURTHER, the Seller will be held responsible for the<\/p>\n
corrections and deficiencies;<\/p>\n
RESOLVED FURTHER, corrections and repairs to Mutual property and<\/p>\n
assets shall be completed by the close of escrow;<\/p>\n
RESOLVED FURTHER, the remainder of the existing policy will remain<\/p>\n
unchanged;<\/p>\n
RESOLVED FURTHER, that Resolution 03-14-53, adopted May 20,<\/p>\n
2014, is hereby superseded in its entirety and no longer in effect; and
\nRESOLVED FURTHER; that the officers and agents of this Corporation<\/p>\n
are hereby authorized on behalf of the Corporation to carry out the<\/p>\n
purpose of this resolution.
\nPROPOSED REVISED RESALE POLICY<\/p>\n
It is the policy of the Third Laguna Hills Mutual housing corporation that transfers of property<\/p>\n
through the resale process shall be handled as expeditiously as possible, in accordance with<\/p>\n
Mutual review and approval processes.<\/p>\n
Further, it is the policy of the Mutual that the Seller of a condominium property in Third<\/p>\n
Mutual, or authorized agent, should:<\/p>\n
Within two business days after listing or making the property available for sale, the Seller or<\/p>\n
Seller\u2019s authorized agent should notify the Resale Inspection Office, in writing of the listing and<\/p>\n
submit to the Resale Department a \u201cRequest for 1% Inspection Report\u201d. The notification shall<\/p>\n
include the name of the listing real estate agent or personal agent of the Seller, Seller’s address<\/p>\n
and telephone number, the listing contract date, and Seller’s current address and telephone<\/p>\n
number if Seller is not residing in the manor being listed for sale; and at least one week prior to<\/p>\n
close of escrow, the Seller or the authorized agent will request that a Final Inspection be<\/p>\n
scheduled.<\/p>\n
Seller\u2019s Authorization to Release Information<\/p>\n
Seller, or authorized agent, shall execute and deliver the Seller’s Authorization for Release of<\/p>\n
Information to the Managing Agent. No information will be released by the Mutual or the<\/p>\n
Managing Agent to any party until the Managing Agent receives the Release.<\/p>\n
Mutual Board\u2019s Review of Buyer\u2019s Qualifications<\/p>\n
Upon receipt of all requisite documents from the Escrow Office handling the resale transaction,<\/p>\n
and completion of the First Inspection, the Mutual will have fifteen (15) calendar days to review<\/p>\n
and approve or deny the Buyer’s application for membership.<\/p>\n
Occupancy by Buyer Prior to Close of Escrow<\/p>\n
A Buyer is not be permitted to occupy a manor prior to Board approval of the Buyer’s<\/p>\n
membership qualifications except by receiving Board approval of a Lease Permit through the<\/p>\n
GRF Lease Permit Office.<\/p>\n
If a Seller agrees to permit the Buyer to occupy the manor after Board approval, and prior to<\/p>\n
close of escrow, both parties shall execute and present a Hold Harmless Agreement or similar<\/p>\n
Mutual Issued document through the Security Division. Early occupancy based on the Hold<\/p>\n
Harmless Agreement shall be limited to fifteen (15) calendar days. Buyers who intend to<\/p>\n
occupy the manor for more than fifteen (15) days prior to close of escrow shall obtain a Lease<\/p>\n
Permit approved by the Board through the GRF Lease Permit Office.
\nAttachment 3<\/p>\n
Carryover Occupancy by Seller<\/p>\n
If Buyer and Seller agree that Seller may continue to occupy the manor after close of escrow,<\/p>\n
such occupancy shall be limited to fifteen (15) calendar days. Seller who intends to carry over<\/p>\n
occupancy for more that fifteen (15) days following close of escrow shall obtain a Lease Permit<\/p>\n
approved by the Board through the GRF Lease Permit Office.<\/p>\n
Resale Corrections<\/p>\n
If the inspection reveals an architectural violation, failure to maintain an alteration, or other<\/p>\n
damage to common area caused by the Member or Member\u2019s occupants, the Member shall be<\/p>\n
responsible for such violations, alteration maintenance, and damage to common area. The<\/p>\n
Member must make all corrections before the close of escrow. The Mutual will make all<\/p>\n
corrections to landscaping; the cost of which shall be paid to the Mutual prior to close of<\/p>\n
escrow.<\/p>\n
In the event that a Member is unable to ensure the repairs are completed by close of escrow,<\/p>\n
due to illness or circumstances beyond their control, the Member may be permitted to transfer<\/p>\n
the responsibility to the Buyer. The Buyer will be required to sign an acknowledgement<\/p>\n
accepting the responsibility for the repairs. The repairs will be required to be completed within<\/p>\n
six months after the close of escrow.<\/p>\n
Failure to complete the repairs will be subject to<\/p>\n
disciplinary action by the Board. The Member will be required to provide complete<\/p>\n
documentation of the illness or extenuating circumstances. The request for variance from this<\/p>\n
policy will require the approval of two Officers of the Board.<\/p>\n
If at the time of the inspection the Member owes the Mutual unpaid assessments, fines or<\/p>\n
other amounts, the amounts sufficient to rectify the Member’s indebtedness to the Mutual will<\/p>\n
be held at escrow in a holding account.<\/p>","protected":false},"author":2,"featured_media":0,"template":"","document_category":[1075,1737],"document_type":[53],"class_list":["post-18187","document","type-document","status-publish","hentry","document_category-architectural-standards-operating-rules-third","document_category-third-policies-procedures-ma","document_type-other"],"acf":{"document":62349,"resolutions":null,"legacy_id":"","pdf_extracted_text":""},"yoast_head":"\n