Quote:
Originally Posted by txfan
Here is the “rule:” Any profit on the sale of a new home within one year of the closing date is split with the developer.
There are many “flippers” who build/buy specifically for that purpose. Villages agents do this all the time in highly desirable locations.
So far in our newer location, at least three have sold with a closing date in the future to match their previous year’s closing date, making huge profits to fold into another home in the next new location.
One we know of is on their sixth “flip.”
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Has the rule changed since 2016? My closing documents state that, if the house is sold within a year after the closing, the buyer must forfeit "any and all profits" from the sale and be paid to the developer. The profit is not split with the developer.