Section 35.374. Review and approval of documents

The following information and documents shall be furnished annually to the Commission in report form for its review and approval:

(1) Name of owner, including the following:

(i) Names and addresses of the owners or partners.

(ii) Lists of the officers and holders of 10% or more of total subscribed or issued stock of the corporation.

(iii) Copy of most recent certified audit of records including financial statements.

(2) Names of subsidiary organizations or companies.

(3) Name of development.

(4) Address of development.

(5) Addresses of administrative offices.

(6) Representative of the Commonwealth, including a list of the sales offices and personnel in this Commonwealth.

(7) Status of property, including the following:

(i) Owner of the land.

(ii) Whether land is free and clear.

(iii) If land is mortgaged, whether the mortgage is assignable, including the following:

(A) Whether individual lots can be released.

(B) Cost per lot.

(iv) Whether there are judgments against or unpaid taxes due on the land.

(v) Whether abstracts or title policies will be furnished.

(vi) Copy of type of deed used.

(vii) Whether deeds are issued in fee simple.

(viii) Whether there is additional charge for issuing a deed.

(8) Improvements completed, including the following:

(i) Paved streets.

(ii) Sidewalks.

(iii) Street lights.

(iv) Public utilities.

(v) Whether improvements are paid for.

(vi) Tax rates.

(vii) If no improvements, plans for completion.

(viii) If FHA approved, copy of approval.

(9) Whether bond has been posted with a governmental authority to guarantee completion of promised improvements, including the following:

(i) Specification for what purpose.

(ii) Amount.

(iii) Name of bonding company.

(iv) How this bond will protect the purchasers from the Commonwealth.

(v) Certified copy of the bonds used.

(10) Sewage, including the following:

(i) Sanitary sewers.

(ii) Storm sewers.

(iii) Whether water mains or individual wells are necessary.

(iv) Whether septic tanks are necessary.

(v) If septic tanks are necessary, whether they are authorized by appropriate government authorities.

(vi) Whether level of land and type of soil is suitable for septic tanks.

(11) Drainage, including the following:

(i) Whether land is dry.

(ii) Copy of the drainage plan of the engineer.

(iii) Depth of water table.

(iv) Depth of average well.

(12) Zoning restrictions, including the following:

(i) Copy of topographical map.

(ii) Copy of State Board of Health Percolation Test one hole per 5 acres where septic tanks are used.

(13) Advertising, including the following:

(i) Size of lots offered.

(ii) Price and terms of sale.

(iii) Whether these lots are large enough for building purposes that would comply with zoning requirements.

(iv) If and where plot is recorded.

(14) Location, including the following:

(i) Aerial photo showing exact area with at least 1 mile of bordering properties.

(ii) How far property is presently from the following:

(A) Highway.

(B) Incorporated town.

(C) Major shopping center.

(D) Industrial area including type and size.

(E) Transportation including bus and train.

(F) Schools—public, trade, parochial or private.

(G) Lighted streets.

(H) Type of pavement and curbs.

(I) Fire protection.

(J) Garbage and trash removal.

(K) Police protection.

(L) Airport and airlines operated therefrom.

(15) Current selling price of lots in adjoining area and owners of these lots.

(16) Financial arrangements, including the following:

(i) Whether the down payment will be placed in escrow and terms of release of the down payment.

(ii) Type of financing obtainable and percent of interest charged.

(iii) Closing costs, specifying for what.

(iv) Specific listing of carrying charges.

(v) Types of contracts used.

The provisions of this § 35.374 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781.

Notation

Authority

The provisions of this § 35.374 issued under the Real Estate Licensing and Registration Act (63 P. S. § § 455.101—455.902).