TUSCANY LOT RELEASE GUIDELINES – OCTOBER 18, 2014
We are pleased to announce that the next release of homesites will take place on Saturday, October 18, 2014.
If you want to take advantage of this exciting pre-construction opportunity and be one of the first to reserve a new home in Tuscany, the sales process will begin at 8:30 AM using the policies and procedures below. In order to make the lot selection and reservation process run as smoothly as possible we want to let you know about some of the policies and procedures that will be in place for the lot release. There is a limited amount of lots being released for sale during this event, so please read all of the following to make sure you are familiar with how the lot selection and reservation process will proceed on Saturday morning.
1. REGISTRATION FOR RANDOM DRAWING.
Beginning at 8:30 AM, potential buyers will be allowed into the sales complex to register for the priority order drawing. In order to register and participate in the drawing, you will need to have with you a reservation deposit check in the amount of Five Thousand Dollars ($5,000.00) made payable to ATLANTIC COMMONS ASSOCIATES, LLLP. The check must be from an account in the actual name of the buyer reserving 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 reserve a lot. During registration, you will be given the following documents to complete: (a) a Buyer Registration Form, (b) a Reservation Deposit Form, (c) a Disclosure Summary form, and (d) a Receipt for Documents.
2. RANDOM DRAWING AND LOT SELECTION PROCESS.
At 9:30 a.m., the registration process will close and a random drawing process will begin to establish the priority order for buyers to reserve a brand new lot and home in Tuscany. A random drawing of names will take place from all potential buyers who properly and timely registered as described above. Once your name is called, you will then bring your registration documents and your reservation deposit into the sales office to meet with a sales representative and select an available lot and home.
3. UNABLE TO PERSONALLY ATTEND; ONE DRAWING SPOT PER IMMEDIATE FAMILY.
If for any reason you are unable to personally attend the lot release on Saturday, you may send a representative in your place, but your representative must be in possession of the registration documents described above fully and properly completed and signed by the actual buyer, together with the reservation deposit check from the actual buyer, for the representative to be able to deliver to us on your behalf. 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 customer only at the pre-construction lot release. Lot drawing spots are not transferrable so whatever number is given out to a buyer, the persons/couple with that reservation number are the ones that will have to go to reservation and contract. Only one lot drawing spot per immediate family will be given out (this does not include adult children buying for themselves; such adult children may receive their own numbers but they may not be used by or transferred to other family members). If it is determined that any person or immediate family received more than one number for the drawing their reservation will be cancelled.
4. RESERVATIONS WILL BE HELD FOR THREE DAYS; CONTRACT APPOINTMENT; 10% TOTAL DEPOSIT.
At the time of your reservation you will be given a contract appointment for a date and time when you will need to come back and execute an actual Purchase Contract for the purchase of the home and lot. Failure to appear at the scheduled contract appointment will result in the cancellation of your reservation and the lot will be released back for sale to the public. A deposit of ten percent (10%) of the total purchase price (base house price plus lot premium) will be required to be paid as follows: (i) an initial deposit of five percent (5%), less the $5,000 reservation deposit, at the time of execution of the Purchase Contract, and (ii) an additional deposit of five percent (5%) thirty (30) days after execution of the Purchase Contract. You will receive a copy of the Purchase Contract and homeowners association documents at the time of your reservation so you will have an opportunity to review and become familiar with them prior to your execution of the Purchase Contract including, without limitation, the provisions regarding the NO INVESTOR POLICY described below. Additional monies will be required to be paid at the time of selection of options in accordance with the Purchase Contract.
If you are being represented by a broker, your broker must be present with you at the time of your lot selection and must complete a Broker Registration Form. Your broker will also be required to enter into a Broker Participation Agreement with us at the time of execution of your Purchase Contract. Brokers should be aware of certain Broker Participation Marketing Policies that will be in effect for Tuscany and a broker’s failure to comply with them will result in forfeiture of eligibility for a brokerage commission. Brokers interested in purchasing a lot for himself/herself, may do so, but may only purchase one lot and must otherwise abide by all of the above procedures to obtain a priority selection number like any other customer.
6. NO INVESTOR POLICY.
A No Investor Policy will be implemented at the opening of Tuscany. Therefore, you may only purchase one lot in Tuscany and you must intend to purchase the lot and home as your primary residence in Florida. The Reservation Deposit Form and Purchase Contract documents will require you to make certain representations regarding your purchase of the Tuscany home and contain certain agreements to limit your ability to list or advertise the home for lease or sale both prior to and after closing. Any breach of the representations or agreements in the Purchase Contract 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. In addition, the Tuscany home may not be rented or sublet during your first year of ownership following closing, and in the event you sell the home within one (1) year following closing, 100% of the gain realized from such sale shall be paid to the Seller from the proceeds of such sale except for a sale resulting from a hardship event that is documented and approved by Seller (i.e., divorce, job transfer out of the area, or other reason acceptable to Seller). These restrictions and obligations will be contained in a deed restriction recorded at closing. Seller has the right to amend, terminate and reinstate the No Investor Policy in its sole discretion at any time. The Purchase Contract is not assignable or transferrable.
If you have any questions not answered here, please feel free to contact the sales office at (561) 364-1000. We look forward to seeing you on Saturday, October 18.