[jaspal]

What street are you on in Buttonwood? We just bought a lot on Beecher.

[Kelsie52]

Originally Posted by jaspal

What street are you on in Buttonwood? We just bought a lot on Beecher.

We bought a lot on Chalmer Terrace

[Oren L Miller]

We are going down in July also for trip 2. We were told by our sales person that we have to put $7500 down to reserve a lot. We have to pick everything out but when we come back in December we can change anything we want.

[Russ_Boston]

Sounds about right.

[birdawg]

Can anyone tell me if someone decides not to build after putting a deposit on a lot can they sell the rights to the lot to another buyer?

[Russ_Boston]

Originally Posted by birdawg

Can anyone tell me if someone decides not to build after putting a deposit on a lot can they sell the rights to the lot to another buyer?

You only have so long to put up or shut up (6mos or 1 year on some lots). You can transfer the money to another lot (1 time) but to my knowledge I don't think they'd let you go scott-free.

[Pturner]

Originally Posted by birdawg

Can anyone tell me if someone decides not to build after putting a deposit on a lot can they sell the rights to the lot to another buyer?

Hi Birdawg,
Welcome to TOTV. I vaguely remember some information in an old TOTV thread that said TV had some restrictions on reselling a new home-- the first year maybe?? It had something to do with preventing the insidious practice of "flipping" from taking hold in TV. I hope someone with knowledge about this will weigh in as my memory on this is blurred at best.

[katezbox]

Originally Posted by Pturner

Hi Birdawg,
Welcome to TOTV. I vaguely remember some information in an old TOTV thread that said TV had some restrictions on reselling a new home-- the first year maybe?? It had something to do with preventing the insidious practice of "flipping" from taking hold in TV. I hope someone with knowledge about this will weigh in as my memory on this is blurred at best.

And the rules change frequently - so best source of this info is with your TV sales agent...

[jchase]

We put a deposit down in August on a lot in Buttonwood on the Golf Course,
have one year to build, have things changed since August?

[mrdarcy]

No, things have not changed since August. Your deposit purchased a one year option to build on your lot. The problem will come if you are not able to start construction by the year's end. The rules prevailing at that time will then come into play. You might need to transfer the deposit to another lot or to one of the spec homes. If the developer is in a lenient mood given the current very tough real estate market, if you need to sell your present home before you can build in TV, it may be possible to negotiate an extension on your lot option.

I put a deposit on a lot in Buttonwood 3 months ago at the beginning of January 2011. My deposit is also on a golf course lot.

[katezbox]

Originally Posted by mrdarcy

No, things have not changed since August. Your deposit purchased a one year option to build on your lot. The problem will come if you are not able to start construction by the year's end. The rules prevailing at that time will then come into play. You might need to transfer the deposit to another lot or to one of the spec homes. If the developer is in a lenient mood given the current very tough real estate market, if you need to sell your present home before you can build in TV, it may be possible to negotiate an extension on your lot option.

I put a deposit on a lot in Buttonwood 3 months ago at the beginning of January 2011. My deposit is also on a golf course lot.

They won't change if you have already purchased - they may change for new deposits. We have been the less than two years - and I know of at least 3 changes to the rules.

[Maryland Girl]

Originally Posted by birdawg

Can anyone tell me if someone decides not to build after putting a deposit on a lot can they sell the rights to the lot to another buyer?

We were told that you can change your mind and move the money to another lot but this is a one-shot deal and once you move to another lot you have to be prepared to start building immediately...so you better want this new lot really badly and be ready to go for it in terms of building.

Also, our understanding on selling your home within one year of purchase is that if it is because you just change your mind, then you can sell but not for a profit. If you sell for a profit, the developer or bank, as the case may be, will take the profit. There is a clause in our closing documents that says the above will occur unless there is sufficient reason for selling-say a death or illness. In that case you might be able to keep any profit. For example, there is a villa in the Edgewater Bungalows that was closed on February 1, 2011 and obviously has never been lived in. There is a 'pending' sale on it for $45,000+ above what it sold for on February 1, 2011. (If you go to TV realty site and click on pre-owned homes, click CYV and put in at least 1650 sf in size, you will see the 'pending' sale.) Regardless of what the final selling price is, the question remains: is this profit for the owner or, since it is being sold by TV, are they keeping the profit? Inquiring minds would like to know.

[swimdawg]

Originally Posted by Pturner

Hi Birdawg,
Welcome to TOTV. I vaguely remember some information in an old TOTV thread that said TV had some restrictions on reselling a new home-- the first year maybe?? It had something to do with preventing the insidious practice of "flipping" from taking hold in TV. I hope someone with knowledge about this will weigh in as my memory on this is blurred at best.

Arrived in TV in late January with relatively light luggage. Went home loaded with paperwork and legal jargon after finding a perfect lot.

Village of Sumter Purchase Agreement Section 8:
Buyer acknowledges that Buyer is not an investor purchasing the property with intent to resell the property within one year.....bllah, blah, blah.
I'd be more than glad to give more info if needed. Bottom line....no flipping.....which is a good thing.