Talk of The Villages Florida

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-   -   Selling before 1 year (https://www.talkofthevillages.com/forums/ask-expert-about-villages-florida-real-estate-300/selling-before-1-year-154583/)

Veronica 05-24-2015 06:50 PM

Selling before 1 year
 
I signed something with the villages that said i could not sell my home before i owned it for one year. What is the penalty if i sell it before the year is up.

twoplanekid 05-24-2015 07:14 PM

It is my understand that all of the proceeds of the sale of a new home within one year of closing in excess of what you originally paid the Developer must be returned to the developer. The intent is to discourage speculators.

wereback 05-24-2015 07:14 PM

You are able to sell before the year is up any and all profit will be collected buy the VILLAGES no way around it. They will go after it.

villagetinker 05-24-2015 07:20 PM

Look at your paperwork, I vaguely remember a penalty when we purchased, this was related to people who were buying the houses on speculation. As I recall you cannot make a profit on the sale. Now having stated that I know there was another thread on this and the general consensus was that it probably could not be enforced.....
Hope this helps.

TheVillageChicken 05-24-2015 07:31 PM

I don't know the answer to that question, but I do know that if you sell your residence before living in it for two years, you cannot exclude the capital gains on your tax return.

Bjeanj 05-24-2015 08:08 PM

Read whatever you signed. If there is a penalty, it will state what it is.

Erijo 05-24-2015 08:19 PM

I think if you sell for anymore money over your purchase price, the profit has to go back to the villages. I am new here, but to the best of my recollection this is the "penalty".

JGVillages 05-24-2015 08:24 PM

Should be spelled out in what you signed???

dbussone 05-24-2015 08:25 PM

Quote:

Originally Posted by Veronica (Post 1064888)
I signed something with the villages that said i could not sell my home before i owned it for one year. What is the penalty if i sell it before the year is up.


We all signed that. If I recall, you will split the profit with TV.

mixsonci 05-25-2015 12:17 AM

I believe the rule is, you can sell it anytime you want, however, if you sell it within the first year, you cannot make a profit on it. You must sell it for the same price you paid for it


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