Common interest developments: required documents.

The Davis-Stirling Common Interest Development Act provides for the creation and regulation of common interest developments. Under existing law, a common interest development is managed by an association pursuant to the provisions of the governing documents of the development. Existing law also imposes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust. This bill would, notwithstanding any other law, require the transfer, following the sale, of a property in a common interest development, as defined, executed under a power of sale contained in any deed of trust or mortgage to be recorded within 30 days, as specified. Existing law requires a trustee or mortgagee to record a notice of default and to post and publish a notice of sale prior to selling real property at a foreclosure sale. Existing law allows an association, with respect to separate interests governed by the association, to record a single request that a mortgagee, trustee, or other person authorized to record a notice of default regarding any of those separate interests mail to the association a copy of any trustee's deed upon sale concerning a separate interest, as specified. Existing law requires that the information requested by the association be mailed within 15 business days following the date the trustee's deed is recorded. This bill would instead require that the requested information described above be mailed to the association within 15 business days following the date of the trustee's sale.