Bond payment now all up front on new homes???
 

Hello - I heard a "rumor" today that the Villages is now requiring bond payments to be made up front at time of closing in full upon purchasing a new home......How true is this please???

Thanks!

This would be an excellent question for your real estate sales person. That would be the only place to get a definitive answer. Let us know what you find out.

Why can't I not rise to the bait.?
Call The Village Sales Office, Not the competition.

Right. It would have to be the TV Sales Office, since the o.p. said "new" home.

wow and give up all that interest

Well that is how it is done in most new communities - included in the purchase price. Unless there is a substantial increase in model prices don't think this would be true.

It's True
 

I have just received via email all my closing documentation that we need to fill out before closing (Oct 11) on our new home in the Village of Collier. Part of the documentation is a Settlement Statement that clearly reflects the Bond & Maintenance with a coverage from Oct 11/2013 to Sept 30/2014. This amount has been added to the final closing costs. Although we anticipated the annual costs at sometime, we were not forewarned it would be on our closing. It's certainly not a show stopper but it was a surprise.
Gracie - we love you but this one has legs.

Correction...sorry I just looked back at the OP and the reference was total Bond payment and ours was just for the year. So, no you do not have to pay the total bond amount.:doh:

I talked with a Villages sales rep today. He said that there has not been any policy change what-so-ever concerning the payment of the bond on a new house and it is definitely not required to be paid upfront.

We were told by our sales agent, that when we close on our new home, making a cash purchase, that the first year of the Bond is due along with the homeowners ins for that year and prorated amenity fees, garbage, water, sewer, and the one time price of the mailbox keys.
the bond would then be paid yearly in November with the tax bill.

hope this helps!

So, if I pay off my mortgage this year, my bond payment would just become an annual payment included with my tax bill?

Wouldn't this be a question for your bank. RE: escrow.

yes

OR you can move to Lake County (Villages)
 

and pay NO bond!....Yea!

if I pay off my mortgage, I no longer deal with the bank to make payments, nor contribute to escrow. so, does it become direct billed to me with my property taxes. That is basically my question.