Except as noted in this section, a final subdivision plat must be filed for record with the Toole County clerk and recorder before title to the subdivided land can be sold or transferred in any manner. After the preliminary plat of a subdivision has been approved or conditionally approved, the subdivider may enter into contracts to sell lots in the proposed subdivision if all of the following conditions 1 are met:
A. Payments To An Escrow Agent: Under the terms of the contracts the purchasers of lots in the proposed subdivision make any payments to an escrow agent, which must be a bank or savings and loan association chartered to do business in the state of Montana;
B. Distribution Of Escrow Funds: Under the terms of the contracts and the escrow agreement the payments made by purchasers of lots in the proposed subdivision may not be distributed by the escrow agent to the subdivider until the final plat of the subdivision is filed with the Toole County clerk and recorder;
C. Refund Of Escrow Funds: The contracts and the escrow agreement provide that if the final plat of the proposed subdivision is not filed with the Toole County clerk and recorder within two (2) years of the preliminary plat approval, the escrow agent shall immediately refund to each purchaser any payments made under the contract;
D. Required Language In Contracts: The contracts contain the following language conspicuously set out therein:
The real property which is the subject hereof has not been finally platted, and until a final plat identifying the property has been filed with the Toole County clerk and recorder, title to the property cannot be transferred in any manner.
E. Real Property Taxes And Special Assessments: The Toole County treasurer has certified that all real property taxes and special assessments assessed and levied on the land to be divided have been paid; and
F. Copies Provided Subdivision Administrator: A copy of the contracts and escrow agreement described above must be submitted to the subdivision administrator. The name of the purchaser and purchase price may be blacked out. (Ord. 784, 8-6-2007)
Notes
| 1 | 1. MCA § 76-3-303) |