GRAND OPENING LOT SELECTION DRAWING GUIDELINES
August 5, 2022
Thank you so much for your interest in Lotus Palm! These are the guidelines that will be used for your participation in the Lotus Palm Grand Opening Lot Selection Drawing being held on Friday, August 5, at 9:00 AM, broadcasted from the Lotus Sales office via Zoom. If you want to take advantage of this exciting opportunity, the policies and procedures below will apply to the Lot Selection Drawing. If you are interested in general sales and product information about Lotus Palm and you are not participating in the Lot Selection Drawing, please contact the sales office at (561) 585-8800.
Please read all of the following to make sure you are familiar with how the lot selection process will proceed on Friday morning.
1. Priority Order Determined by Random Lot Selection Drawing. The order for buyers to purchase a home will be established by a random Lot Selection Drawing that will be broadcast via Zoom and take place beginning at 9:00 AM on Friday, August 5, 2022. Participants will be permitted to join the Zoom meeting as early as 8:50 AM. Participants selected will have the opportunity to purchase one of the available lots at Lotus Palm as more fully discussed below.
2. Pre-Registration for the Grand Opening Lot Selection Drawing. To be eligible to participate in the Lot Selection Drawing, a Pre-Registration will take place from now until Wednesday, August 3, 2022 (2 days before the event). During the pre-registration period, it will be necessary for you come to the Lotus sales office to deliver a reservation deposit check in the amount of Ten Thousand Dollars ($10,000.00) made payable to “Lotus Palm” and fill out the reservation paperwork that will be used at the drawing, which will include (a) a Reservation Deposit Form, (b) an Acknowledgment Regarding Pre-Qualification Requirement and (c) a Disclosure Summary for the Lotus Palm Homeowners Association, Inc. If you cannot visit the sales center in person during the pre-registration period, please call us to make arrangements to have your reservation deposit check and paperwork delivered to us before the end of the pre-registration period.
Please be aware that the reservation deposit check must be from an account in the actual name of the buyer purchasing a lot (NO THIRD-PARTY CHECKS OR CREDIT CARDS WILL BE ACCEPTED - including trust checks, company checks, in trust for or other non-personal checks). The reservation deposit will be fully refundable if you do not select a lot or do not subsequently enter into a contract for purchase of a home.
Upon Seller’s receipt of all required reservation paperwork and the $10,000 reservation deposit check, a Zoom link for the lot selection process will be provided to all verified participants.
3. Lot Selection Drawing and Process. At 8:50 AM on Friday, August 5th, pre-registered buyers will be allowed into the Zoom Meeting to view the Lot Selection Drawing. At 9:00 AM, the Lot Selection Drawing will begin to establish the priority order for buyers to purchase a home in Lotus Palm. At that time, a random drawing of names will take place from all potential buyers who pre-registered as described above. Once the priority order for buyers has been established, your sales agent will call you on the phone number provided on your Reservation Deposit Form. You will have up to five (5) minutes to ask any questions and select an available lot, home and home elevation.
4. Unable to Virtually Attend. If for any reason you are unable to virtually attend the Lot Selection Drawing on Friday, August 5th, you may provide a phone number of a representative to virtually attend in your place, but we must have timely received in our office your $10,000 reservation deposit check and your fully completed reservation paperwork during the pre-registration period (i.e., no later than Wednesday, August 3, 2022). If you are represented by a broker, your broker may act as your lot selection representative, however, a broker may only act as a lot selection representative for one buyer at the drawing.
5. One Drawing Spot Per Immediate Family. Lot drawing spots are not transferrable so whatever number is given out to a buyer, the persons/couple with that selection number are the ones that will have the opportunity to go to reservation and contract. Only one lot drawing spot per immediate family will be given out. If it is determined that any person or immediate family received more than one number for the drawing, their entries will be cancelled.
6. Contract Execution. After you have selected a home and lot, you will be contacted by the sales office to schedule a contract signing appointment to execute the Purchase Contract for the purchase of the home and lot. The contract signing appointment must take place no later than Thursday, August 11, 2022. A deposit of ten percent (10%) of the total purchase price (base house price plus lot premium), less the $10,000 reservation deposit, will be required to be paid at the time of execution of the Purchase Contract. Please be aware that additional monies will be required to be paid at the time of selection of options and upgrades in accordance with the Purchase Contract.
7. Proof of Funds Required Prior to Contract Execution. As a prerequisite and prior to your execution of the Purchase Contract, proof of funds will be required to be submitted to Seller no later than three (3) days following the Lot Selection Drawing (i.e., by Monday, August 8, 2022) to show your ability to pay the purchase price at the closing of the Home. This can be accomplished by either: (i) for cash buyers, completing Seller’s Cash Buyer Pre-Qualification Request to show the proof of cash funds to close, OR (ii) for buyers using mortgage financing, providing Seller a mortgage pre-qualification letter from GLFinancial Services or other institutional lender. Once you are under reservation, your Sales Associate will provide you a link to the Cash Buyer Pre-Qualification Request form. For ease and convenience, you can start the mortgage financing pre-qualification process with GLFinancial by clicking HERE.
8. Brokers. If you are being represented by a broker, your broker must have accompanied you at your first visit and completed a Broker Registration Form or they will not be recognized as your broker. The broker will also be required to enter into a Broker Participation Agreement with us at the time of execution of your Purchase Contract. Brokers interested in purchasing a lot for themselves, may do so, but may only purchase one lot and must otherwise abide by all of the above procedures like any other buyer.
9. No Investor Policy. You may only purchase one lot in Lotus Palm, and you must intend to purchase the home as your primary residence in Florida (but it does not necessarily need to be your primary residence). The Purchase Contract is not assignable or transferrable. The Reservation Deposit Form and Purchase Contract will require you to make certain representations regarding your purchase and will contain certain agreements to limit your ability to list or advertise the home for sale and/or lease prior to closing. In addition, in the event you sell and/or lease the home within one (1) year after closing, 100% of the gain realized from such sale and/or all of the rents received pursuant to a lease shall be paid to the Seller from the proceeds of such sale and/or lease, except for a sale and/or lease resulting from a hardship event that is documented and approved in writing by Seller (i.e., divorce, job transfer out of the area, or other reason acceptable to Seller). Any breach will be considered a default under the Purchase Contract which will provide the Seller with the right to terminate the Purchase Contract and retain all deposits and other monies paid by you. These restrictions and obligations will be contained in a deed restriction recorded at closing. A summary of the No Investor Policy is included with the reservation documents.
If you have any questions not answered here, please feel free to contact the sales office at (561) 585-8800 to speak with a Lotus Palm Sales Associate. We look forward to seeing you during Pre-Registration and virtually at the Grand Opening Lot Selection Drawing on Friday, August 5, 2022 at 9:00 AM!