BULLETIN NO: 2024-23<\/p>\n
=e<\/p>\n
\u0631\u0648\u0633\u062a\u0627\u06cc \u0644\u0627\u06af\u0648\u0646\u0627 \u0648\u0648\u062f\u0632<\/p>\n
BULLETIN DATE<\/p>\n
December 2, 2024<\/p>\n
Jeff Spies<\/p>\n
ISSUED BY<\/p>\n
INFORMATION BULLETIN<\/p>\n
Community Services Manager<\/p>\n
MUTUAL<\/p>\n
\u0633\u0648\u0645\u06cc\u0646 \u0644\u0627\u06af\u0648\u0646\u0627 \u0647\u06cc\u0644\u0632 \u0645\u062a\u0642\u0627\u0628\u0644<\/p>\n
Community Services Division<\/p>\n
AUTHORITY<\/p>\n
Internal<\/p>\n
EFFECTIVE DATE | January 1, 2025<\/p>\n
SUBJECT: Revised Third Resale Package Dated January 1, 2025<\/p>\n
NEWSFLASH – RESALE PACKET REVISIONS – EFFECTIVE JANUARY 1, 2025<\/p>\n
Third Mutual\u2019s resale package has been updated with a date of 1\/1\/2025 and will not be<\/p>\n
posted on the website until close of business 12\/31\/2024. The revisions affect the following pages<\/p>\n
as noted below:<\/p>\n
Page 1 \u2014 The cover page letter was revised as follows:<\/p>\n
LJ<\/p>\n
2a was revised to read as follows: \u201cAge restrictions: To purchase a property, you must<\/p>\n
be of legal age; however, at least one of the members must be 55 years of age or older;<\/p>\n
any other members who reside must be at least 45 years of age, except a spouse, who<\/p>\n
may be any age. Adult disabled children may reside under certain conditions (Section<\/p>\n
51.3 of the California Civil Code).\u201d<\/p>\n
Under 2d, the sentence \u201cRules and regulations: The Operating Rules are available on<\/p>\n
the community website, which is www.lagunawoodsvillage.com\u201d was removed.<\/p>\n
Under Step 3, the following was added at the end of the sentence \u201c(Only printed hard<\/p>\n
copies will be accepted. Resale packages that are emailed will not be accepted.)\u201d.<\/p>\n
Page 2 \u2014 Under Step 5, the second sentence is revised as follows: \u201cEscrow shall email the closing<\/p>\n
notice to the management company.\u201d<\/p>\n
Page 3 \u2014 The Table of Contents was revised to reflect the addition of the Leasing Cap and<\/p>\n
Lease Waiting List Policy.<\/p>\n
Page 5 \u2014 At the bottom of the page, the Membership Counselor email address has changed from<\/p>\n
resalesrequirements@vmesinc.org to salesrequirements@vmsinc.org.<\/p>\n
Page 6 \u2014 The Escrow Documentation Checklist was revised as follows:<\/p>\n
LJ<\/p>\n
Page numbers and document numbers were updated.<\/p>\n
LJ<\/p>\n
Under new No. 7 \u2014 \u201cMembership and Occupancy Requirements for Condominium<\/p>\n
Ownership\u201d was added and requires buyer’s initials.
\nLJ<\/p>\n
Under new No. 9 \u2014 \u201cLeasing Cap and Lease Waiting List Policy\u201d was added and requires<\/p>\n
buyer’s initials.<\/p>\n
LJ<\/p>\n
Under new No. 16 \u2014 \u201cLast-Minute Reminders\u201d was added and requires buyer’s initials.<\/p>\n
LJ<\/p>\n
Under new No. 21 \u2014 The first sentence is to read \u201cReturn Seller’s ID Cards to Resales<\/p>\n
Dept before requesting the final demand.\u201d<\/p>\n
Page 9 \u2014 The Resale Notification cover page was revised as follows:<\/p>\n
LJ<\/p>\n
Page numbers have been updated.<\/p>\n
No. 5 is now \u201cMembership Occupancy Requirements for Condominium Ownership,<\/p>\n
page 17.\u201d<\/p>\n
No. 7 is now \u201cLeasing Cap and Lease Waiting List Policy, page 19.\u201d<\/p>\n
No. 14 is now \u201cLast-Minute Reminders, page 37\u201d<\/p>\n
Under \u201cVerified by,\u201d the word \u201cDepartment\u201d was changed to \u201cDivision\u201d and an \u201cs\u201d was<\/p>\n
added to the word \u201cService.\u201d<\/p>\n
LJ<\/p>\n
The board of director’s signature lines to approve or deny the application were removed<\/p>\n
Page 10 \u2014 Notice of Escrow Closing page was revised as follows:<\/p>\n
LJ<\/p>\n
\u201cMail to\u201d contact information has been changed to:<\/p>\n
\u0631\u0648\u0633\u062a\u0627\u06cc \u0644\u0627\u06af\u0648\u0646\u0627 \u0648\u0648\u062f\u0632<\/p>\n
Community Services Division: Resales<\/p>\n
\u0635\u0646\u062f\u0648\u0642 \u067e\u0633\u062a\u06cc \u06f2\u06f2\u06f2\u06f0<\/p>\n
\u0644\u0627\u06af\u0648\u0646\u0627 \u0647\u06cc\u0644\u0632\u060c \u06a9\u0627\u0644\u06cc\u0641\u0631\u0646\u06cc\u0627 92654-2220<\/p>\n
Email: EscrowClosings@vmsinc.org<\/p>\n
LJ<\/p>\n
\u201cDeliver to\u201d contact information has been added as:<\/p>\n
Laguna Woods Village, Community Center<\/p>\n
Community Services Division: Resales<\/p>\n
24351 \u062c\u0627\u062f\u0647 \u0627\u0644 \u062a\u0648\u0631\u0648<\/p>\n
\u0644\u0627\u06af\u0648\u0646\u0627 \u0648\u0648\u062f\u0632\u060c CA 92637<\/p>\n
\u00b0<\/p>\n
\u201cManor number\u201d has been changed to \u201cUnit number.\u201d<\/p>\n
Page 13 \u2014 The Seller’s Authorization to Release of Information was revised as follows<\/p>\n
LJ<\/p>\n
At the top of the page, the email address has changed from<\/p>\n
resalesrequirements@vmesinc.org to salesrequirements@vmsinc.org.<\/p>\n
LJ<\/p>\n
The list of information and\/or documents were revised as follows:<\/p>\n
Ll<\/p>\n
Member’s names of record and vesting<\/p>\n
Ll<\/p>\n
= Social-security numbers<\/p>\n
Addresses and-telephone-pumbers<\/p>\n
= Occupants\u2019 names-of record<\/p>\n
Page | 2
\n= Trust and will information \u2014seller’s-estate<\/p>\n
= Letters Testamentary\/Small Estate Affidavit<\/p>\n
Monthly assessment and fees<\/p>\n
Ll<\/p>\n
HOA certification<\/p>\n
Documents as required by Civil Code \u00a74525<\/p>\n
= Assessment-delinguency-collection-status<\/p>\n
Supplemental property tax information<\/p>\n
= Board-approved-special-assessments<\/p>\n
= Unpaid fees, charges-and fines<\/p>\n
= Copies-of board-minutes-as required<\/p>\n
= Other<\/p>\n
LJ<\/p>\n
In the middle of the page, the following sentence was removed: \u201cIf the seller is<\/p>\n
unable to do so, those documents, plus any additional documents, will be provided<\/p>\n
by Staff, upon seller’s approval of this release, and the charges billed to the seller<\/p>\n
in accordance with Civil Code Section 4525.\u201d<\/p>\n
LJ<\/p>\n
In the middle of the page, the extra \u201cr\u201d after \u201cLender name\u201d was removed.<\/p>\n
Page 16 \u2014 Under Owner\/Membership Application, the changes are as follows:<\/p>\n
LJ<\/p>\n
The word \u201cManor\u201d was changed to \u201cUnit\u201d at the top right corner.<\/p>\n
The \u201cTo reside immediately\u201d box was expanded to the option to choose between<\/p>\n
\u201cTo Reside\u201d or \u201cNot Reside.\u201d<\/p>\n
At the bottom right corner, the \u201cFor Community Service use only\u201d was removed and<\/p>\n
the \u201cI swear, under penalty of perjury…\u201d box and the signature lines were<\/p>\n
expanded.<\/p>\n
Page 17 \u2014 The Membership and Occupancy Requirements for Condominium Ownership<\/p>\n
was revised as follows:<\/p>\n
LJ<\/p>\n
The \u201cNote\u201d paragraph under \u201cOccupants\u201d in the middle of the page was revised to<\/p>\n
read: \u201cNote: Care providers are not permitted to use the community facilities, except<\/p>\n
when it is directly related to providing necessary support to the member or an<\/p>\n
approved resident. A care provider ID card will be issued and must be worn at all<\/p>\n
times.\u201d<\/p>\n
Under \u201cIdentification cards,\u201d the words \u201cor before requesting the final demand to<\/p>\n
avoid additional charges for not returning ID cards\u201d were added after the words<\/p>\n
\u201ctermination of residency.\u201d<\/p>\n
Two lines were added for the buyer(s) to initial at the bottom of the page<\/p>\n
acknowledging understanding of information.<\/p>\n
Page 18 \u2014 At the bottom of the \u201cThird Mutual Members Who Hold More Than One<\/p>\n
Membership\u201d page, the email address was changed from resalesrequirements@vmsinc.org to<\/p>\n
salesrequirements@vmsinc.org.<\/p>\n
Page | 3
\nNew pages 19 – 21 \u2014 Became the Leasing Cap and Lease Waiting List Policy, which also has<\/p>\n
two lines for buyer(s) to initial at the bottom of each page acknowledging the policy.<\/p>\n
New page 25 \u2014 Under the Financial Statement and Credit Information, the word \u201cManor\u201d was<\/p>\n
changed to \u201cUnit\u201d at the top right corner.<\/p>\n
New pages 27 – 34 \u2014 Guidelines for Financial Qualifications were increased on July 16, 2024<\/p>\n
by way of Resolution 03-24-77 to reflect inflationary rates as follows:<\/p>\n
LJ<\/p>\n
Net worth verification was increased from $125,00 to $200,000.<\/p>\n
LJ<\/p>\n
Annual income verification was increased from $45,000 to $60,000.<\/p>\n
LJ<\/p>\n
Guarantors net worth verification was increased from $200,000 to $340,000.<\/p>\n
LJ<\/p>\n
Guarantors annual income verification was increased from $150,000 to $182,000.<\/p>\n
LJ<\/p>\n
For multiple units, the net worth verification was increased from $125,00 to<\/p>\n
$200,000.<\/p>\n
For multiple units, the annual income verification was increased from $45,000 to<\/p>\n
$60,000 and the additional income requirement for the second and third units was<\/p>\n
increased from $22,500 to $30,000.<\/p>\n
The above-mentioned revised requirements will become effective January 1, 2025.<\/p>\n
New page 35 \u2014 the Realtor Information for Prospective Purchases in Third Laguna Hills<\/p>\n
Mutual page was revised as follows:<\/p>\n
LJ<\/p>\n
Under the 5th bullet point, the words \u201cgoverning documents and\u201d were removed.<\/p>\n
LJ<\/p>\n
The 7th bullet point was unbolded.<\/p>\n
New page 37 \u2014 the Last-Minute Reminders page was revised as follows:<\/p>\n
LJ<\/p>\n
Under No. 2, the last sentence: \u201cInformation is available on the Community website<\/p>\n
www.lagunawoodsvillage.com\u201d was removed.<\/p>\n
LJ<\/p>\n
Two lines for the buyer(s) to initial at the bottom of the page acknowledging<\/p>\n
understanding of information was added.<\/p>\n
New page 40 \u2014 Under Application for Co-Occupancy Permit, the following changes were<\/p>\n
made:<\/p>\n
LJ<\/p>\n
The words \u201cGolden Rain Foundation (GRF)\u201d were changed to \u201cLaguna Woods<\/p>\n
Village\u201d in the second paragraph under the \u201cMember\/Co-occupant<\/p>\n
Acknowledgements\u201d section.<\/p>\n
The \u201cMember Acknowledgement of Additional Occupant Fee and Occupancy<\/p>\n
Cancellation\u201d section was moved to above the member\/co-occupant signature<\/p>\n
lines.<\/p>\n
Under \u201cMember Acknowledgement of Additional Occupant Fee and Occupancy<\/p>\n
Cancellation,\u201d buyers must initial after the first bulleted paragraph acknowledging<\/p>\n
and agreeing to pay the additional third-party fee.<\/p>\n
Page | 4
\nLJ<\/p>\n
The board of director’s signature lines to approve or deny the application were<\/p>\n
removed and replaced with a Community Services Div. Use Only box.<\/p>\n
New page 41 \u2014 Application for Co-occupancy Permit \u2014 Page 2 was revised as follows:<\/p>\n
LJ<\/p>\n
The words \u201cand by executing this application\u201d were added on the last line of the<\/p>\n
intro paragraph.<\/p>\n
LJ<\/p>\n
No. 3 paragraph was revised to read as follows: \u201cNon-shareholders may reside<\/p>\n
only if they are approved to co-occupy (and meet the requirements of Section 2<\/p>\n
above), and reside with a qualifying member who is at least 55 years of age.\u201d<\/p>\n
NOTE: Please always use the most recent resale packages and please delete all outdated Third<\/p>\n
Mutual resale packages from your system, as forms are frequently revised and updated.<\/p>\n
After January 1, 2025, incomplete or older applications without the January 1 date will not be<\/p>\n
accepted or processed.<\/p>\n
Find the most recent resale packet dated 5\/1\/2024 at lagunawoodsvillage.com > Sales<\/p>\n
Information. Select Third Laguna Hills Mutual.<\/p>\n
Realtors and escrow officers must inform their staff and clients of these guidelines.<\/p>\n
NOTE: Always refer to the website for the most current documents. The location for all mutual<\/p>\n
policies have changed with the completion of the redesigned website.<\/p>\n
Email salesrequirements@vmsinc.org with questions about the revisions. Thank you.<\/p>\n
Page | 5<\/p>","protected":false},"author":28,"featured_media":0,"template":"","document_category":[1227],"document_type":[53],"class_list":["post-63084","document","type-document","status-publish","hentry","document_category-realtor-info-bulletins","document_type-other"],"acf":{"document":63085,"resolutions":null,"legacy_id":"","pdf_extracted_text":""},"yoast_head":"\n