Instructions for Resale of Controlled Price Units at Playa Vista
Current owners must obtain all the forms from Playa Vista Home when the owner is ready to sell his/her unit. Playa Vista Home (“PV”) is located at 6200 Playa Vista Drive, Playa Vista, California 90094. PV can be reached at 949-448-6172 or via e-mail firstname.lastname@example.org
Procedures to follow to sell a Controlled Price Unit (CPU) at Playa Vista:
Thirty (30) days prior to placing the unit on the market, the owner must notify the City of the owner’s intent to sell the CPU.
Controlled Price Unit Resale Notification Form- Seller must submit four (4) original signed forms to the City.
Once the current owner finds a successful buyer, the following forms must be completed by the current owner, buyer, and PV and the City:
CPU Resale Price Calculation- PV Home provides a price calculation of the control price unit based on the guidelines. PV and Seller need to sign and date two (2) original resale price calculations. Seller must submit one (1) original to the City and one (1) original to Escrow. The City will only accept this form with original, wet signatures from all parties on the same page.
Acknowledgement of Agreement – Informs the buyer that they are purchasing a CPU. Buyer and Seller must sign and notarize five (5) agreements. Submit four (4) originals to the City and one (1) original to Escrow for recording.
Option To Purchase Agreement- Informs the buyer that the City of Los Angeles has the option to purchase the unit in the event of a default. Buyer must sign and notarize four (4) agreements and provide the originals to the City for the General Manager, City Attorney, and City Clerk’s signature. The City will provide one (1) original executed agreement to Escrow for recording.
Request for Notice – In the event that the property is in default, the City and PV will be notified. The City requires two (2) complete, original Requests for Notice containing the names of the parties, for City signature. The City will provide Escrow one (1) original signed and notarized notice for recording. In addition, the Buyer needs to provide a copy of one (1) signed and notarized noticed by PV to the City and one (1) original signed and notarized notice by PV to Escrow for recording.
Escrow estimated closing statement- Seller needs to provide one (1) copy of the escrow estimated closing statements reflecting the final sales price of the CPU to the City.
The documents above are required prior to the closing of escrow. Forms required for the Resale of Controlled Price Units (CPU) at Playa Vista. Please attach the property’s legal description to all documents. The estimated time for the Los Angeles Housing + Community Investment Department (HCIDLA) to process CPU is about 10-15 business days upon receipt of all the required documents. To avoid any delays, please submit the completed forms with a self-addressed and pre-paid envelope to:
Los Angeles Housing + Community Investment Department
Environmental and Land Use Services Unit
1200 W. 7th Street, 8th Floor
Los Angeles, CA 90017