Deposit on land..what if?
 

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?

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.

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?).

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".

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 :)

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.

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

Had a chat with my TV realtor
 

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.

If the Islanders Don't want you...
 

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.

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.

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.

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.