Quote:
Originally Posted by jcvdd1
We have selected our new home in the Villages and plan on contacting our Villages salesman’s shortly to place a deposit.
Could you please advise how the process works on the purchase of a new, never-lived in house? Any suggestions?
No mortgage, cash transaction.
Amount of down payment to hold property?
Time frame on closing?
Paperwork we will need to provide at closing?
Insurance required? Property, flood…
Taxes?
What to look for during walk-thru prior to closing?
Total fee’s added-on excluding the price of the home?
Thanks
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Since it's a cash sale you need very little to close, mainly just money. You will have to give some deposit money (a few thousand dollars) the day you sign the purchase and sale which will happen once to tell you salesperson you want to buy a particular house. A check is ok.
Even though you don't need it to close you should arrange for insurance before you close.
You will do a walk through on the day of closing prior to going to the closing office. The builder will be with you for the walk through. What to look for... everything. Cracked tile, dripped paint, light switch that doesn't work, dripping faucet and so on. Point out anything and everything that you think is out of place. Just about everything is guaranteed for a year so if you miss something you can get it taken care of later. One thing that is not guaranteed for a year are the shrubs and lawn... make you you spot any problems in the first 30 days.
At closing you will need pay off the balance. Easiest way to handle that is to open an account at Citizens First bank (though you could use any bank, things just go very smooth with Citizens as it is owned by the Villages) and move enough into it for the closing payment. Then you can do a bank transfer at the closing office on the day of closing. The people at the closing office will do this for you.
You MUST close within 30 days of purchase or pay a daily penalty. You may be able to close earlier if you wish, just ask you sales person. It mostly depends on how busy the closing office is.
Taxes... ask your sales person.
You also need to call and get the utilities transferred... your salesperson will tell you about that.
You will receive a timeline of what you have to do when you put down your deposit... it will tell you all the things you need to do to prepare for the closing.