Talk of The Villages Florida - View Single Post - Will give lot back
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Old 06-30-2011, 08:12 PM
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aljetmet aljetmet is offline
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Default Deposit on unused lot
Quote:
Originally Posted by Zoomie1955 View Post
Our agent told us they will put our deposit in a non-interest escrow account. When we do sale we can put that money on another lot or on a house The Villages are selling.
Hopefully someone will come out of the woodwork and buy our home in Pa.
After visiting TV 16 months ago our agent called to see how we are doing.
Some small talk and I asked what happens to your lot deposit if you cannot build after the year is up. Although contractually you're are out the deposit, TV will hold your money. But it is used when you close on your house. Cannot be used for another deposit on a lot. Cannot be used for 20 % deposit when you start the build. Only used as credit when closing.

Anyone experience a different scenario?