Investor Clause

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  #1  
Old 04-01-2020, 08:58 AM
lovebiking lovebiking is offline
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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?
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Old 04-01-2020, 09:34 AM
retiredguy123 retiredguy123 is online now
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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.
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Old 04-01-2020, 04:53 PM
stan the man stan the man is offline
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Don't think we have to worry for quite a while.
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Old 04-01-2020, 06:21 PM
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Topspinmo Topspinmo is offline
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Quote:
Originally Posted by lovebiking View Post
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.
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Old 04-01-2020, 08:28 PM
wereback wereback is offline
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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.
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Old 04-02-2020, 09:39 AM
pauld315 pauld315 is offline
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Quote:
Originally Posted by Topspinmo View Post
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
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law, florida, investor, profit, sale

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