The purpose of inspection and registration is to obtain identification and location of defaulted and abandoned foreclosed properties and their condition, contact information regarding the new owner, and to inform owners of the maintenance and security standards applicable to such property.
(a) Notice of Default. At the time of recording a notice of default for any real property within the City, any person or entity who or which holds a deed of trust secured on such real property shall perform or cause to be performed a physical inspection of the exterior of that property to determine if it is vacant or if it shows signs of neglect. If the property is vacant, it is deemed to be abandoned property or shows evidence of vacancy, it is, by this Chapter, deemed abandoned and subject to registration within 15 days thereafter as provided by Subsection (c) hereof, as well as other requirements of this Chapter.
(b) If the property is occupied but remains in default, it shall be inspected by the beneficiary/trustee, or his or her designee, monthly until: (i) the default is cured or (ii) it is found to be vacant and deemed abandoned; or (iii) it is foreclosed upon (whether or not vacant or abandoned) and registration and other requirements of this Chapter apply.
(c) Registration. As provided in Subsections (a) or (b) above, the new owner of the property or its agent must register the property under this Chapter and as set out in Subsection (b) below and thereafter register the property with the City as set out in this Chapter. If the new owner does not have a working office located within Riverside County, the new owner shall employ a local agent/property manager as set out in Subsection (g) below.
(d) Registration Information. The registration shall contain the following information: Address and APN for the foreclosed property; name and current contact information for the owner, including an emergency contact number; name and current contact information for the owner's local agent or local property manager, and an emergency local contact number; the date of acquisition of the property and the status of the property as of the inspection. No address may be a post office box. Contact information shall be updated within 15 calendar days of any change to keep it current. Registration shall be renewed annually.
(e) Registration Fee. At the time of initial registration of the property, and annually thereafter or until the property is sold to a third party, the owner shall pay a registration fee in an amount established by City Council resolution. The fee and registration shall be valid for the calendar year, or remaining portion of the calendar year, in which the registration was initially required without pro-ration. Subsequent registrations and fees are due January 1st of each year and must be received no later than January 31st of the year due. Late payments will be subject to a penalty determined in the fee resolution.
(f) Inspections. At the time of and subsequent to registration, but no less than monthly, the owner or its local agent shall perform ongoing inspections of the property to determine whether it meets the maintenance standards in this Chapter and the City Code as a whole or whether it has been neglected during the foreclosure process and/or abandoned.
(g) Appointment of Local Agent or Property Manager. An owner (including but not limited to a bank or other lender) which does not have a working office located within Riverside County shall appoint and hire a local agent or property manager to register, inspect, maintain and secure the property.
(h) Termination of Registration. At such time as the owner of the foreclosed property sells the property to a third party, the owner shall notify the City in writing of such sale in order to terminate the registration requirement. Such notice shall include current contact information for the purchaser.
(Ord. 118, passed 10-6-2010)