Form Hud-92266 - Application For Transfer Of Physical Assets (Tpa) Page 2
Download a blank fillable Form Hud-92266 - Application For Transfer Of Physical Assets (Tpa) in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Hud-92266 - Application For Transfer Of Physical Assets (Tpa) with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
37.
Executed Seller/Purchaser Affidavi. The parties must submit
22. Attorney's Certification. The Purchaser's attorney must certify
with the sale contract a sworn statement to the effect that the
that following HUD's preliminary approval, all documents requir-
sale contract recites all of the consideration moving to the seller
ing execution and/or recordation will be executed and, as
or any person identified therewith.
required, recorded in the form reviewed and approved by HUD.
The attorney must use the form entitled Attorney's Certification,
8.
Executed but Unrecorded Regulatory Agreement
(Appendix A-11).
9.
Executed but Unrecorded Modification Agreement or Re-
Final Approval Process
lease and Assumption Agreement
If HUD required any changes to the documents submitted during the
10. Unexecuted Secondary Financing Documents. If the pro-
Preliminary Approval review, the applicant's attorney must certify to
posed secondary financing involved creates a lien against the
HUD that the required changes have been made.
project or personality thereof a consent statement from the
holder of the first mortgage must be submitted. See Appendix G,
The applicant has 45 working days from the date of preliminary
Legal Review of Transfer of Physical Assets Proposals.
approval to submit all executed and recorded documentation to the
Field Office. The preliminary approval shall be the date on the letter.
11. Unaudited Interim Financial Statement (prepared according
Where the applicant finds that he/she is unable to submit the
to Handbook 4370.2) from the date of the last audited financial
appropriate documentation within the required time period, he/she
statement to the date of application.
should submit a written request for an extension of time to the Field
12. Pro Forma Balance Sheet (prepared according to Handbook
Office. Such extension must explain the reason for the delay.
4370.2) that shows how the project accounts are expected to
The Applicant must provide the following for final approval:
appear the day after the expected date of closing.
1. All Executed Recorded Documents. One certified (by the
13. Mortgagee's Statement of Escrow and Reserve Account an
recording officer) and one conformed copy of all recorded
opinion as to the adequacy of the present escrow balances
documents—except the recorded Regulatory Agreement.
(taxes, property insurance) and present monthly deposits to
meet the next anticipated tax and insurance bills.
2. All Unrecorded Executed Documents. Certified true copies
by the purchaser, trustee or other responsible person of all
14. Management Improvement and Operating (MIO) Plan.
unrecorded executed documents used in connection with the
Where the project will have physical, management, or financial
transfer.
needs or changes at the time of the transfer, a MIO plan or
another plan acceptable to HUD must be submitted, which
3. Original Regulatory Agreement.
Where applicable, the
describes the timing and extent of planned repairs and financial
original executed and recorded Regulatory Agreement and
contribution and the timing for all management or procedural
one copy.
changes.
4. Audited Interim Financial Statement from the date of the last
15. Proposed but Unrecorded Deed
audited report to date of transfer.
16. Proposed Bill of Sale and Assignment that describes all
5. Purchaser's Balance Sheet-Actual Condition on date of title
personal property conveyed and should be on the form provided
transfer to the purchaser, along with certified true copies of any
by HUD.
deferred payment notes approved by the Secretary.
17. Proposed Management Certification and Form HUD-2530.
6. Mortgagee's Statement of all trust and escrow accounts as of
Where a change of management is contemplated by the trans-
date of transfer of title to the purchaser.
fer, a copy of the proposed new management certification must
7. Title Policy or endorsement, as appropriate.
be included. This certification must be completed in conformity
If the mortgagor-seller is to be released from the note obliga-
with HUD Handbook 4381.5 Rev-1. If not already on file with the
tion, a new title policy or a letter, from the title company issuing
Field Office, a Management Agent Profile must also be submit-
the original title policy, showing that after the transfer the
ted. If the proposed agent has not previously managed proper-
insured mortgage will remain a valid lien on the property and
ties in the jurisdiction where the project is located, a brief
that the existing title policy is still in full force and effect.
summary or resume of the agency and its principals should be
8. Attorney's Opinion. Stating that:
included. Also, the new management company must receive
previous participation clearance by filing HUD form 2530.
the transaction has been legally consummated and that
18. Title Report
the purchaser is legally authorized to operate the project and
is obligated to abide by the terms of the Regulatory Agreement.
19. Mortgagor's Oath
the documents that were executed and/or recorded are the
20. Proposed Rental Schedule (form HUD-92458). The approval
same, in form and content, as those approved by HUD in the
of this rental schedule in conjunction with the TPA is not an
preliminary review.
approval to raise the rents at the project. All rent increases must
be processed under existing procedures.
9. Rental Schedule and or Budget Worksheet if Applicable (form
HUD-92458). Must be dated later than the project transfer
21. Executed Organizational Documents of Purchaser. Unless
date.; must show names of principals for which HUD approved
the purchaser is an individual, full details as to the entity
a HUD-2530; may not exceed the current rents most recently
acquiring the project shall be provided. If the purchaser is a
approved by the Field Office (if the rents have not been
corporation, trust, or partnership, two certified copies of the
deregulated).
charter, trust, or partnership agreement should be furnished. In
any such case the charter or agreement shall show that the
If everything is acceptable, the Field Office sends a letter approving
corporation, partnership, or trust is authorized to operate the
the transfer. As a guide, the Field Office may use the sample letter
project and to execute and be bound by the Regulatory Agree-
entitled Final Approval in Appendix A-10.
ment. The charter, agreement, or other proper document or
If recording or other deficiencies are discovered, the Field Office
minutes of meetings should establish clearly the authority of the
immediately tells the purchaser to correct them and to resubmit.
persons executing the Regulatory Agreement and other papers
for the purchaser.
form HUD-92266 (12/91)
Page 2 of 3
ref Handbook 4350.1
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Legal