Ariz. Admin. Code § 4-28-A1215

Current through Register Vol. 30, No. 45, November 8, 2024

Section R4-28-A1215 - Development Sales

The applicant shall provide a description of the sales offering and:

1. A description of how sales or leases will be made and the manner by which title, right, or other interest is to be conveyed to the purchaser, including copies of sales and lease transaction documents;

2. Indicate whether cash sales are allowed and when the purchaser takes title;

3. Indicate where the purchaser's deposit and earnest monies will be deposited and held;

4. If the deposit monies are available for use by the seller, when and under what conditions the monies will be refunded;

5. Indicate when the lot purchaser will be permitted to use and occupy the lot;

6. An explanation if the purchaser will not receive title free and clear of all liens;

7. The estimated average sales price for the lots;

8. Indicate whether any of the property will be leased, and if so;

a. Provide a description of any provision for increase of rental payments during the term of the lease and any provisions in the lease prohibiting assignment or subletting, or both;

b. Indicate whether the lease prohibits the lessee from mortgaging or otherwise encumbering the leasehold; and

c. Indicate whether the lessee is permitted to remove an improvement when the lease expires.

9. The name, address, and telephone number of the Arizona broker who will be responsible for sales. If none, explain why;

10. The name and telephone number of the custodian of the development records and the physical location where the records will be kept;

11. Indicate whether the property has been or will be offered for sale before the date of the development application. If yes, explain; and

12. Indicate whether the sales documents contain all contract disclosures required by rule and statute.

Ariz. Admin. Code § R4-28-A1215

Section R4-28-A1215 adopted by final rulemaking at 5 A.A.R. 650, effective February 3, 1999 (Supp. 99-1). Amended by final rulemaking at 11 A.A.R. 506, effective March 5, 2005 (Supp. 05-1).