[lovebiking]

I was told by a sales rep that if I sell my new home within 1 year after closing that any economic profit from the sale belongs to The Villages. Is this enforceable under Florida Real Estate law or any Florida law?

[retiredguy123]

The rule, as you stated it, is not exactly correct. If you sell your house within a year, you can exclude from the profit calculation, 100 percent of your cost for any upgrades you made and the real estate commission that you pay when you sell. I'm not sure if the rule has ever been challenged, but it seems like a legal contractual agreement between the buyer and the developer.

[stan the man]

Don't think we have to worry for quite a while.

[Topspinmo]

Originally Posted by lovebiking

I was told by a sales rep that if I sell my new home within 1 year after closing that any economic profit from the sale belongs to The Villages. Is this enforceable under Florida Real Estate law or any Florida law?

I sure if you have unforeseen emergency it wouldn’t apply. IMO It there to prevent flipping. Which IMO would be problem, IMO prevents premier homes to the flipped for big profit.

[wereback]

If you had all read the contract when you purchased your home this question would not be ask I is clearly spelled out in the purchase contract. They do enforce it as I had to delay a closing by one week as it would have been only 360 days. They were going to hold what they had figured was my profit. Back in the other stampede of prices. It was a sizable amount.

[pauld315]

Originally Posted by Topspinmo

I sure if you have unforeseen emergency it wouldn’t apply. IMO It there to prevent flipping. Which IMO would be problem, IMO prevents premier homes to the flipped for big profit.

I don't think there would be any exceptions unless they are stated in the contract both parties signed