The Real Estate Department of Ardent Law Group, PC led by Partner John Y. Kim, Esq. has been retained by a major Los Angeles Developer in the preparation, filing and obtaining of (1) Preliminary Public Report,(2)Conditional Public Report and (3) Final Public Report with the California Department of Real Estate (“DRE”) in connection to a brand new condominium complex our Developer client has built in a desirable and highly sought after neighborhood in Los Angeles.
There are three general types of Public Reports the DRE may issue. The purpose of each report is as follows: (1) Preliminary Public Report a/k/a “Pink” Report – allows the Developer to advertise the project and to take reservations and deposits. No purchase contracts may be signed under this report and all deposits are refundable; (2) Conditional Public Report a/k/a “Yellow” Report – allows the Developer to take reservations and deposits, enter into purchase contracts and open escrows. This report is intended for the Developer who has submitted a complete DRE filing but is waiting for an event to happen before he may obtain his Final Public Report (such as the recordation of the map, approval of the budget by DRE, review and approval of the legal documents by DRE, etc.); and (3) Final Public Report a/k/a “White” Report – allows the Developer to do all of the above AND close the escrows.