Deposit on land..what if?

[mrdarcy]

This month I put a deposit on a parcel of land in TV. I'm hoping my house in Atlanta will sell, so I can build my house in TV (the Ivy). My contract says I need to begin building the TV house within 12 months. Does anyone know what happens to my deposit, if I cannot begin building within 12 months (i.e. can't sell my house in Atlanta)? Can the required timeframe be extended? If not, can the deposit be transferred to another parcel that comes available?

[graciegirl]

The deposit can be moved to another parcel. I have read here on this forum that a deposit was held three years once, if I remember correctly.

[Bogie Shooter]

Doesn't the contract spell out the answer to your question?

[Russ_Boston]

Doesn't the contract spell out the answer to your question?

Yes the contract does spell it out.

From my understanding, having gone through this process, you can trasfer the money to another lot or newly built home at some point in the future. There is no time limit. But you must do it, obviously, prior to final build out of TV (5 years?).

[Hal :-)]

This month I put a deposit on a parcel of land in TV. I'm hoping my house in Atlanta will sell, so I can build my house in TV (the Ivy). My contract says I need to begin building the TV house within 12 months. Does anyone know what happens to my deposit, if I cannot begin building within 12 months (i.e. can't sell my house in Atlanta)? Can the required timeframe be extended? If not, can the deposit be transferred to another parcel that comes available?
I think they'll work with you because they want to sell homes. But be careful, be nice to them because they hold all the cards. I think the Purchase Agreement you signed is boilerplate. You probably initialed the paragraph, "...in the even Buyer defaults under any provisions of this agreement, all monies paid hereunder shall be retained by the seller as liquidated damages".

[mrdarcy]

I will re-read the contract. Thank you all for these hopeful replies.

Russ, the lot I'm purchasing is on Allure Loop in Buttonwood. I think you are a member of the Buttonwood Islanders. Allure Loop, if you drive-by it (in a golf cart, of course), is more of a peninsula--surrounded on 3 sides by golf-course. My new question is: Are the islanders willing to party with the peninsulans? This neighborliness is exactly why I'm eager to become a Villager :)

[getdul981]

My wife and I just went through this process also. In additiion to the down payment, you are required to make a payment every 2 months to hold your lot. All money paid is applied to your 20% down payment once you start the build process. IF you cannot sell your house and cannot start the build process all the money you paid will be held by the builder and applied to another piece of property once you are able to start the process.

It is my understanding that if you cannot get started by the build-out date, you lose your money. I could be wrong about that, but that is just what I have heard or read somewhere.

[Russ_Boston]

I will re-read the contract. Thank you all for these hopeful replies.

Russ, the lot I'm purchasing is on Allure Loop in Buttonwood. I think you are a member of the Buttonwood Islanders. Allure Loop, if you drive-by it (in a golf cart, of course), is more of a peninsula--surrounded on 3 sides by golf-course. My new question is: Are the islanders willing to party with the peninsulans? This neighborliness is exactly why I'm eager to become a Villager :)

Well I'm not a spokesman for the Islanders but if you provide the drinks I think we can come to an understanding.

[Bill-n-Brillo]

Well I'm not a spokesman for the Islanders but if you provide the drinks I think we can come to an understanding.

Or at least you'll be able to party with Russ!! :wave:

Bill

[mrdarcy]

I called my TV realtor to ask whether I had to provide more $ every 2 months to hold my land in Buttonwood, as I try to sell my house in Atlanta. He said No because I purchased a one year option on the land. He did explain, though, that it's like earnest $, payment for TV to take it off the market for a year and hold it for me. He said TV will work with buyers on a case by case basis for extensions. I just made the deposit for the land 2 weeks ago, so I have some time to work with.

Russ, drinks are on me. Shaken, or stirred? Ice, no ice? salt, no salt?

[Russ_Boston]

I called my TV realtor to ask whether I had to provide more $ every 2 months to hold my land in Buttonwood, as I try to sell my house in Atlanta. He said No because I purchased a one year option on the land. He did explain, though, that it's like earnest $, payment for TV to take it off the market for a year and hold it for me. He said TV will work with buyers on a case by case basis for extensions. I just made the deposit for the land 2 weeks ago, so I have some time to work with.

Russ, drinks are on me. Shaken, or stirred? Ice, no ice? salt, no salt?

Lemondrop with ultra fine sugar on the rim please.

[SALYBOW]

Come party with the group from Buttonwood Heights. We are the circle of homes enclosed by Fringetree that is located on the first street on the right as you come down Buttonwood Run. The street name is Queen Palm. I imagine that the other peninsulers will party also. That is just the way we do it here. Welcome and prayers for the sale of your home. Try St Joseph buried upside down facing the house. It has worked for me in the past. Do a search for St. Hoseph on this site.

[mrdarcy]

Salybow,

Thank you for the generous invitation to party with the Buttonwood Heightlanders in the event I am rejected by the Islanders. If I may, I will come regardless. I was in TV yesterday and today and experienced the fury of the central Florida rainstorm. Had just returned the golf cart rental (can't buy own golf cart yet, 'til can build own garage--subject of this thread). Wow. Nick of time on that one. Cannot party yet because I have to return to Atlanta. I'm still working as a doctor at at The Centers for Disease Control (CDC). l'll be a TV snowflake for a while longer with aspirations to become a TV frog. However, when I return I will send PM message to Islander and Heightlander ambassadors with request for introductions. Found Queen Palm on the map and Island is easy to ID. Atlanta realtor gave me St Joseph statue with her listing contract. She's eager for my house to sell too, of course.

[Maryland Girl]

This month I put a deposit on a parcel of land in TV. I'm hoping my house in Atlanta will sell, so I can build my house in TV (the Ivy). My contract says I need to begin building the TV house within 12 months. Does anyone know what happens to my deposit, if I cannot begin building within 12 months (i.e. can't sell my house in Atlanta)? Can the required timeframe be extended? If not, can the deposit be transferred to another parcel that comes available?

Hi,
We were told by our TV rep that the deposit we put down on a lot in Buttonwood could be transfered to another parcel or to a new build BUT once we made the decision to make this transfer then we had to go through with the transaction immediately and we could only move the money one time. For example, once we decided to move the deposit from the lot in Buttonwood to a new CYV in Edgewater Bungalows, then we had to go through with the transaction to purchase the new home. In other words, we could not move the money say three months into the initial 12 month period and then decide on a different lot or home and have the money held for an additional 12 months. He said people were doing too much of this and TV put a stop to it.

[mrdarcy]

The Edgewater bungalows are very nice. I looked at 2 of them in December. The views are fantastic and, of course, they have the advantage of the privacy fence. It's interesting to learn that the clock does not reset, if you transfer the deposit to another parcel, but I can see the sense of that policy. i imagine some people would keep switching, if they did not get what they truly wanted the first tine. I really like the parcel I have, so I hope I can manage to build within 12 months.

My realtor told me that the final TV buildout will proceed from east to west because they know the homesites furthest from the new town square will be just slightly harder to sell than those nearer the square (southwest), so they're working from harder to easier.

[Bill-n-Brillo]

.......My realtor told me that the final TV buildout will proceed from east to west because they know the homesites furthest from the new town square will be just slightly harder to sell than those nearer the square (southwest), so they're working from harder to easier.

Frankly, I'd have thought it would be the other way around given the concerns some have expressed about Brownwood being so close to Wildwood.

Time will tell!! :)

Bill

[jimt49]

Actually, when you look a a map, I believe that Buttonwood and Tamarind Grove are closer to downtown Wildwood than Brownwood will be.

[mrdarcy]

The district map on the VCDD website presents a fairly good picture regarding how the TV buildout is scheduled to occur:

http://www.districtgov.org/yourdistrict/districtmap/index.aspx

[Russ_Boston]

People really need to give the 'don't live near Wildwood' a break. All the edges of TV are located on areas of Florida that are, well let's just say "not TV". But they all have their charm and are representative of old Florida. I personally like this charm.

[graciegirl]

People really need to give the 'don't live near Wildwood' a break. All the edges of TV are located on areas of Florida that are, well let's just say "not TV". But they all have their charm and are representative of old Florida. I personally like this charm.

I agree that we will have edges and I agree that making a big issue about Wildwood to me, isn't an issue.

I like old Florida...kinda. I don't like the lack of zoning on the outside of TV that has a nice, well cared for home right in the midst of people with all kinds of yardtrash and uncared for homes. You see it almost everywhere in Florida.

Worrying about any part of the process of making a huge move like this is part of the transition. People will fixate on certain issues because they want to be sure that they are doing the right thing and investing their hard earned money wisely.

When I am on the "outside" and return to The Villages, it is like a breath of fresh air. Miles and miles and miles of beautiful, well kept homes, clean streets and people who obviously treasure their homes living busily. The cleanliness against the Florida tropical atmosphere is just awesome.

But back to the reason for this post. People are bound to worry. That is the reason I love this forum, we can talk about it.

Good morning Y'all. I am going to get ready for a breakfast I am having for the girls on my street tomorrow. Then I am going to a wonderful art class at the LifeLong Learning college. My instructor is Nan Klein who is even older than me and far wiser.

I just love our life here.

[mrdarcy]

As I was studying the village of Buttonwood while deciding on my land purchase I encountered several useful maps at the Sumter county website, including a Future Land Use map that outlines zoning. It's about the 8th or 9th map on the list. It's a graphics intense map available as a PDF file, so one has to be a little patient to let it fully load. I found many of the maps very helpful to discern something about the "lay of the land" in our neck of the woods known as Buttonwood. I also found that GoogleEarth provides wonderful additional perspective.

http://sumtercountyfl.gov/index.aspx?NID=238

[dpingram]

People really need to give the 'don't live near Wildwood' a break. All the edges of TV are located on areas of Florida that are, well let's just say "not TV". But they all have their charm and are representative of old Florida. I personally like this charm.

:agree: Comments made about "living near Wildwood" tend to make me feel that I have made a "bad choice" for my home. I don't think the intention is such but it made me feel that way.

[mrdarcy]

Dpingram,

If it helps you appreciate the choice you made buying in Buttonwood please read the private message excerpted below that I sent to a fellow blogger. In addition, I would add that when I was in TV this past week I chatted with a couple on the golf course in Buttonwood. They moved from another part of TV to Buttonwood because they were attracted to the warm interactions they experienced in our neighborhood. TV throughout is very friendly, but I find our neighborhood especially expressive of that quality. From my posts you can see I researched Buttonwood pretty thoroughly before I handed over my deposit. As other bloggers have pointed out TV is surrounded on all of it's boundaries by areas having a different vision and lifestyle from TV. There is no other place in the entire United States like TV. And, no matter where you go in TV, every village offers the same quality, beauty, and cleanliness in the amenities. That's what is so wonderful about the vision and lifestyle every village enjoys equally with every other village in TV.

Excerpted from PM
"Buttonwood is one of the newest villages in TV. The population in TV seems to be attracting more and more younger retirees--individuals and couples who move there as soon as they can retire. So, more people in their late 50s/early 60s. These younger newcomers tend to buy in the newer villages because the available land allows them to build one of the TV house plans with features suited to their taste. The already built neighborhoods have only resale homes available.

I chose Buttonwood for the following reasons:
1) available land
2) Is on west side of TV where the new town square is going in
3) is on the same side of TV as the Adult Learning Center, important to me
4 is in the middle section of TV so I have good access to amenities north and south
5) new Sweetbay grocery is going in not far from Buttonwood
6) close to Sea Breeze rec center (Bahamas theme, which I love)

Disadvantages of Buttonwood:
Is on edge of TV that is adjacent to county land not owned by TV. Via GoogleEarth I can see the county has houses there now and per Sumter County Future Land Use map (available at Sumter Co website) I can see the area adjacent to TV where I'm buying is zoned residential by the county. Another slight disadvantage is CSX railroad has a depot in Wildwood, the city next to TV on the southwest. But other Buttonwooders have said the train sounds are faint in the distance, but audible nonetheless."

One final thought: Where I currently live in Atlanta we have multi-million dollar homes within earshot of a train. This does not deter buyers because they're seeking to locate in the nearby award winning school district. Unless one moves to Beverly Hills, CA every community has some issues. And, even then, as soon as you leave the boundaries of Beverly Hills the not so equally beautiful rest of LA is right outside. To me TV is a lot like Beverly Hills, only much more down-to-earth and welcoming.

Chris (my real name)

[SALYBOW]

:agree: Comments made about "living near Wildwood" tend to make me feel that I have made a "bad choice" for my home. I don't think the intention is such but it made me feel that way.

I live in Buttonwood. Trust me you did not make an error. We are going to eat at the Cotillion in Wildwood tomorrow night. I shop at the uniques little shops there, get my gas cheaper there and even drove through there solo when returning from the airport one night. My church is located in Wildwood and some fellow parishioner live in Wildwood. One couple moved there from TV after he became disabled.
Wildwood is not a bad, scary place. Additionally, it will only get better as TV expands. I think TV will color Wildwood rather than Wildwood coloring TV. The Morse family did not raise any "stupid children." They will make it happen. some of the areas of Fruitland park are very Old Florida and they have not impacted adversely on TV. Just relax and enjoy the experience.:wine:

[Tbugs]

I am not saying that Wildwood does not have some small town charm, it certainly is severely economically depressed. I have also heard of many burglaries of appliances and wiring from the unfinished houses at the South end of The Villages.

The unbuilt areas of The Villages are currently vacant fields with some of the roundabouts in place. It is going to be quite a while before Brownwood is built or a Sweetbay comes in.

Personally, I think The Villages is a slice of Heaven - but I like my slice in a well-established neighborhood (north of 466 - Glenbrook) where I am 15 minutes by golf cart to either of the existing town squares, very close to Glenview Country Club, Nancy Lopez Country Club, Arnold Palmer Club, shopping on 466, very low bond prices, and no construction going on.

However, it is a personal choice for everyone to make for themself.

[graciegirl]

I am not saying that Wildwood does not have some small town charm, it certainly is severely economically depressed. I have also heard of many burglaries of appliances and wiring from the unfinished houses at the South end of The Villages.

The unbuilt areas of The Villages are currently vacant fields with some of the roundabouts in place. It is going to be quite a while before Brownwood is built or a Sweetbay comes in.

Personally, I think The Villages is a slice of Heaven - but I like my slice in a well-established neighborhood (north of 466 - Glenbrook) where I am 15 minutes by golf cart to either of the existing town squares, very close to Glenview Country Club, Nancy Lopez Country Club, Arnold Palmer Club, shopping on 466, very low bond prices, and no construction going on.

However, it is a personal choice for everyone to make for themself.

In my very humble opinion, and for some reason I just love driving all around TV to see what is happening and just looking at all of the pretty homes, there isn't a bad choice to be made in ANY area.

And..I haven't heard of any burglaries of appliances from unfinished homes. (OOPS...just reread your post, and you said you had heard of many.) Well I am sure that you are correct. It wasn't in The Daily Fun? Or did I miss it?

[Russ_Boston]

In my very humble opinion, and for some reason I just love driving all around TV to see what is happening and just looking at all of the pretty homes, there isn't a bad choice to be made in ANY area.

And..I haven't heard of any burglaries of appliances from unfinished homes. (OOPS...just reread your post, and you said you had heard of many.) Well I am sure that you are correct. It wasn't in The Daily Fun? Or did I miss it?

My builder did say that unfinished homes do get burglarized very often. But this is due to the fact, in his words, "because it is easy pickings". When homes were being built north of 466 he had issues there as well. He says he goes through hundreds of shower heads a year for example. It doesn't have anything to do with proximity to Wildwood. If that was the case then crimes on finished (and occupied) homes would be higher south than north and I would tend to think this is not the case.

[aljetmet]

Dpingram,

If it helps you appreciate the choice you made buying in Buttonwood please read the private message excerpted below that I sent to a fellow blogger. In addition, I would add that when I was in TV this past week I chatted with a couple on the golf course in Buttonwood. They moved from another part of TV to Buttonwood because they were attracted to the warm interactions they experienced in our neighborhood. TV throughout is very friendly, but I find our neighborhood especially expressive of that quality. From my posts you can see I researched Buttonwood pretty thoroughly before I handed over my deposit. As other bloggers have pointed out TV is surrounded on all of it's boundaries by areas having a different vision and lifestyle from TV. There is no other place in the entire United States like TV. And, no matter where you go in TV, every village offers the same quality, beauty, and cleanliness in the amenities. That's what is so wonderful about the vision and lifestyle every village enjoys equally with every other village in TV.

Excerpted from PM
"Buttonwood is one of the newest villages in TV. The population in TV seems to be attracting more and more younger retirees--individuals and couples who move there as soon as they can retire. So, more people in their late 50s/early 60s. These younger newcomers tend to buy in the newer villages because the available land allows them to build one of the TV house plans with features suited to their taste. The already built neighborhoods have only resale homes available.

I chose Buttonwood for the following reasons:
1) available land
2) Is on west side of TV where the new town square is going in
3) is on the same side of TV as the Adult Learning Center, important to me
4 is in the middle section of TV so I have good access to amenities north and south
5) new Sweetbay grocery is going in not far from Buttonwood
6) close to Sea Breeze rec center (Bahamas theme, which I love)

Disadvantages of Buttonwood:
Is on edge of TV that is adjacent to county land not owned by TV. Via GoogleEarth I can see the county has houses there now and per Sumter County Future Land Use map (available at Sumter Co website) I can see the area adjacent to TV where I'm buying is zoned residential by the county. Another slight disadvantage is CSX railroad has a depot in Wildwood, the city next to TV on the southwest. But other Buttonwooders have said the train sounds are faint in the distance, but audible nonetheless."

One final thought: Where I currently live in Atlanta we have multi-million dollar homes within earshot of a train. This does not deter buyers because they're seeking to locate in the nearby award winning school district. Unless one moves to Beverly Hills, CA every community has some issues. And, even then, as soon as you leave the boundaries of Beverly Hills the not so equally beautiful rest of LA is right outside. To me TV is a lot like Beverly Hills, only much more down-to-earth and welcoming.

Chris (my real name)

Ok I'm sold on Buttonwood but we have exactly 2 years less 4 days to go.

Will there lots be available in say a year?

[Russ_Boston]

Ok I'm sold on Buttonwood but we have exactly 2 years less 4 days to go.

Will there lots be available in say a year?

I doubt that there will be much in the way of open lots anywhere north of 466A in a year. Buttonwood will be sold out for sure.

But anywhere in TV is good.

[Bill-n-Brillo]

Ok I'm sold on Buttonwood but we have exactly 2 years less 4 days to go.

Will there lots be available in say a year?

Don't overlook the resale market. :)

Bill

[KathieI]

Dpingram,

One final thought: Where I currently live in Atlanta we have multi-million dollar homes within earshot of a train. This does not deter buyers because they're seeking to locate in the nearby award winning school district. Unless one moves to Beverly Hills, CA every community has some issues. And, even then, as soon as you leave the boundaries of Beverly Hills the not so equally beautiful rest of LA is right outside. To me TV is a lot like Beverly Hills, only much more down-to-earth and welcoming.

Chris (my real name)

Chris, I posted this similar comment a while back on TOTV, I lived in Beverly Hills, CA and you wouldn't believe the transition after you leave the city limit. However, I personally like the local atmosphere surrounding us here, esp when I go out into the country areas like Weirsdale, Lake Panasofkee (sp?), and Leesburg.

Plus, The Villages is such a "well-oiled machine" I wouldn't be surprised if the Morses protect their investment by helping to upgrade the Wildwood area closest to TV. No concern on my part, I think Wildwood is cool.

[katezbox]

People really need to give the 'don't live near Wildwood' a break. All the edges of TV are located on areas of Florida that are, well let's just say "not TV". But they all have their charm and are representative of old Florida. I personally like this charm.

Yeah Russ!

One night that Jim was working one of the gates up north (to remain nameless), Community Watch had a call that there was a "colored" person, walking in the neighborhood - Community Watch guy asked "which color."

Seriously, Wildwood is a poor town, but there are many wonderful people there and it has some great restaurants and stores.

PS - I would like to meet Mr. Darcy, too. He is married to my favorite heroine!

[mrdarcy]

KathieI,

After I wrote my earlier post re: TV being like Beverly Hills I came across your post as I was reading earlier TOTV pages and was fascinated to learn that you had drawn the same conclusion. Yours from personal experience and mine from just having visited the 90210 zip code.

I espouse the notion that "a rising tide lifts all boats". TV will positively influence the entire corridor going toward Wildwood. The evidence is already present in the new gorgeous Sumter Co. Library off of 466a. Sumter Co. built the new library because our population combined with Wildwood's can justify and support it. It's a beautiful building very much in keeping with the amenities we're growing accustomed to in TV.

I also have a hope that Wildwood will someday be re-invigorated to it's former status as a lively transportation hub. I've been following the news on Florida's plans to build the first leg of a high speed rail line between Tampa and Orlando with the awarded stimulus money. One of the 4 proposed stops is Lakeland,FL, which is almost directly due south of Wildwood. One of the reasons I bought in Buttonwood is my hope that Wildwood will eventually connect to that high speed line for easy access to the Orlando airport (MCO) and to Tampa and it's beaches. Wildwood used to be a stop on Amtrak. I speculated that having I-75 on the west side of TV might make a re-energized transportation hub in Wildwood a realistic possibility. Sumter Co. Is already widening 301 to handle more traffic between Oxford (western edge of TV north) and Wildwood (western edge of TV south). This "western edge" transportation infrastructure notion is another of the many reasons I chose Buttonwood. Again, though, there are advantages to each quarter of the entire TV. Every area has something unique and wonderful to offer not only to it's adjacent villages, but to all of us as Villagers.

Chris Bradshaw