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was a condition precedent to Ridgemark’s ability to convey legal
title to the aforementioned parcels to Financial and
Construction.
Ridgemark notes that it sold three parcels of real property
between 1977 and 1984. Two were sold to Construction, and one
was sold to Financial. For example, on October 18, 1977,
Ridgemark deeded 7 acres of unsubdivided land to Construction for
$175,000.
All properties sold after 1977 were conveyed after the final
subdivision map was recorded. In particular, when Ridgemark
agreed to sell the unit 9 property to Financial, there was a
tentative map for the property. At the time of the sale on
June 30, 1987, the final map for unit 9 had been recorded. A
similar pattern occurred for units 7 and 8, which were sold to
both Financial and Construction, respectively.
5. The Use of a Business Office for the Sale of the Property
Respondent places heavy reliance on the fact that Ridgemark
compiled a list of names of people interested in purchasing lots
in the unit 10 property. Ridgemark points out that the list was
created several months after it had decided to proceed with a
5(...continued)
more condominiums as defined in Section 783 of the
Civil Code, a community apartment project containing
five or more parcels, or for the conversion of a
dwelling to a stock cooperative containing five or more
dwelling units * * *
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