Deposit on lots

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Old 04-04-2011, 07:54 PM
pzjay pzjay is offline
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Default Deposit on lots

Just returned from month's visit to TV So sad to leave! Will be putting deposit on lot in new Village of Sanibel when lots are released. As I understood our agent, the deposit will hold your lot for 1 yr, at which time you must build. If you do not, the deposit is lost.
The second scenario: You have a one time chance within that yr's time frame to choose a different lot or purchase a new home. If you chose a new lot, you must begin building immediately. You would again lose your deposit if you do not build or buy immediately. Hoping someone has just bought a lot and can answer! CAN'T WAIT TO MOVE!
Peg & Bob
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Old 04-04-2011, 07:59 PM
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katezbox katezbox is offline
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Quote:
Originally Posted by pzjay View Post
Just returned from month's visit to TV So sad to leave! Will be putting deposit on lot in new Village of Sanibel when lots are released. As I understood our agent, the deposit will hold your lot for 1 yr, at which time you must build. If you do not, the deposit is lost.
The second scenario: You have a one time chance within that yr's time frame to choose a different lot or purchase a new home. If you chose a new lot, you must begin building immediately. You would again lose your deposit if you do not build or buy immediately. Hoping someone has just bought a lot and can answer! CAN'T WAIT TO MOVE!
Peg & Bob
Peg and Bob,

These rules change frequently. No matter the good intentions, you might be mislead by a poster sharing about what happens in March that may not happen in April or May and so on. The only place you can confirm this is with your TV sales agent.

Kate
(a worrywart accountant at times)
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  #3  
Old 04-05-2011, 11:52 AM
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I think it would be better to get it in writing, and be sure of what you are signing. I'm going to wait till my home sells
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Old 04-05-2011, 08:20 PM
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some people have posted here that they've extended the one year on the lot due to extenuating circumstances, and TV went along with it as long as you keep paying
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Old 04-07-2011, 03:43 PM
pzjay pzjay is offline
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Thanks for the replies....Kate, I think you are 100% correct about terms changing all the time. I've gone back to read all I could about deposits and there seem to be many different terms. Hubbie's an accountant also so he will definitely dot all his I's and cross all his T's. We hope to have our house sold within the time frame needed, but will defintely have one BIG decision if we don't.

Thanks again for all the thoughts!
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