Model Home Sale Policies and Procedures
Thank you for your interest in the Boca Bridges Model Homes! The Model Homes are being sold on a highest and best offer basis as described below. If you are interested in making an offer for a Model Home or if you have any questions, please contact the Boca Bridges Sales Office at (561) 509-5400 to speak with a Sales Associate.
- Offer Deadline. Offers for the models will be accepted in 3 phases based on collection, and must be submitted no later than the deadlines below:
- Empire & Modern Collections: Offers must be submitted no later than 12:00 PM (EST) on Tuesday, October 5.
- Coastal Collection: Offers must be submitted by no later than 12:00 PM (EST) on Tuesday, October 12.
- Atlantic & Pacific Collections: Offers must be submitted by no later than 12:00 PM (EST) on Tuesday, October 19.
- Considerations. When determining the amount you will offer for a Model Home, please make sure you take into consideration the following factors, among everything else:
- Closing – closing on the purchase of the home will be no later than December 24, 2021
- No Financing Contingency – purchase contracts will be on an all-cash basis, meaning there will be no contingency for qualifying or obtaining a loan. Your entire deposit under the contract (i.e., 10% of the purchase price) will not be refundable if you are unable to close on a loan.
- Financed Amount – even though the purchase contract will not be contingent on financing, any offer you submit which will show financing as a source of funds cannot be for a loan amount that exceeds 50% of your offer amount.
- Appraisals – due to the unique nature of, among other things, the features, decorations, fixtures and furnishings included in the model home, any appraisal (whether for financing or other purposes) may be for an amount less than the purchase price. If the model home does not appraise, understand that there will be no contingency in the contract, the purchase price will not be reduced, and you will be obligated to close on the home regardless of the amount of any appraisal.
Eligibility to Submit an Offer. In order to be eligible to submit an offer, you will first need to deliver to the Boca Bridges Sales Office the following:
- $30,000 refundable Deposit. Deposit checks should be made payable to Boca Bridges (NY and NJ residents speak to your sales associate for the required alternative payee) and must be from an account in the actual name of the buyer submitting an offer. No third-party checks and no credit cards will be accepted - including trust checks, company checks, “in trust for” or other non-personal checks.
- Executed Deposit Acknowledgment and Boca Bridges Disclosure Summary – forms are available from your Sales Associate.
How to Submit an Offer.
- Model Home Offer Form. Once you deliver the $30,000 refundable Deposit and executed Deposit Acknowledgment and Boca Bridges Disclosure Summary to your Sales Associate, you will be issued a Boca Bridges Model Home Offer Form which you must use to timely submit your offer. Completely fill out and sign the Model Home Offer Form with the highest and best offer you are willing to make.
- Proof of Funds. Proof of funds will be required to be submitted with your Model Home Offer Form to show your ability to pay the purchase price at closing for the Model Home. This can be documented in several manners or a combination of them: (i) provide copies of bank and/or investment statements, (ii) if you will be seeking financing, provide a mortgage approval from an institutional lender which should not be for a loan in amount in excess of 50% of the amount of your offer, and (iii) if you will be using the proceeds from the sale of a home or other property, provide a copy of the signed purchase contract. You can provide any or all of the above, but together, the proof of funds need to show your ability to pay the total purchase price at closing for the Model Home.
- E-mail the completed Offer Form, together with the Proof of Funds documentation to BocaBridgesModels@glhomes.com before the 12:00 PM (EST) on the applicable deadline (i.e., Empire & Modern – October 5; Coastal – October 12; and Atlantic & Pacific – October 19). Any offer not on the official Model Home Offer Form or not timely sent by the applicable 12:00 PM (EST) deadline will not be reviewed or considered.
- If your offer is properly and timely submitted, you will receive an e-mail confirmation that your offer and applicable paperwork has been received. If you have not received a confirmatory e-mail within 48 hours after you submitted your offer, please immediately contact your Sales Associate.
Review of Offers.
- Offers will be reviewed by a committee of Seller’s executives who will determine, in their sole discretion, what they consider the highest and best offer submitted. Boca Bridges Sales Office staff will not be involved in the review process.
- Considerations will include, but are not limited to, the proposed purchase price, the proposed method of payment (cash or loan), and Proof of Funds documentation submitted.
- All submitted offers constitute only an expression of your interest in purchasing a Model Home. Seller has no obligation whatsoever to accept any offer.
Acceptance of Offer; Execution of Purchase Contract; Closing Date.
- If your offer is accepted, you will be notified via e-mail no later than the Friday following the applicable offer deadline.
- Once you are notified that your offer was accepted, you will need to enter into Seller’s Purchase Contract within 72 hours of the acceptance of your offer. You will receive a sample copy of the Purchase Contract and homeowners’ association documents at the time you submit your executed Deposit Acknowledgment and Disclosure Summary, and the $30,000 deposit. This will provide you an opportunity to review and become familiar with them prior to your execution of the Purchase Contract.
- Even if your offer contemplates obtaining financing, the Purchase Contract will be written as a cash transaction – there will be no mortgage contingency. This means that you will still be required to close on the purchase of the home and your deposit will not be refundable if you are unable to obtain or close on a mortgage loan to purchase the home.
- The Purchase Contract will require that a deposit of ten percent (10%) of the total purchase price (less the $30,000 deposit you submitted) be paid at the time of execution. Closing on the home will be on the date set forth in your Purchase Contract, which will not be later than December 24, 2021.
Offers on Multiple Model Homes. Only 1 model home may be purchased but if you are interested in submitting multiple offers in case you are not the highest bidder on a particular model, you may do so. If you desire to submit multiple offers, you will need to deliver a separate $30,000 refundable deposit and complete paperwork for each home for which you are submitting an offer. Your Model Home Offer Form will need to indicate your choice ranking (1st Choice, 2nd Choice, etc.). If you are the successful bidder for a Model Home, then all other offers you submit will no longer be considered or accepted.
Brokers. Boca Bridges will be cooperating with licensed real estate brokers provided they are properly registered at the Boca Bridges sales office and they enter into Seller’s Broker Participation Agreement at the time of execution of your Purchase Contract. Brokers will be eligible to be paid 1% of the total purchase price of the Model Home subject to the terms and conditions of the Broker Participation Agreement. Brokers may not refund, rebate, or otherwise reimburse buyer any portion of the commission earned.