MODEL HOME LOT SELECTION DRAWING GUIDELINES
August 19, 2022
Thank you so much for your interest in the Valencia Cay Model Homes! These are the guidelines that will be used for your participation in the Virtual Model Home Lot Selection Drawing being held on Friday, August 19, 2022, at 9:00 AM, broadcasted from the Valencia Riverland Sales office via Zoom. If you want to take advantage of this exciting opportunity to purchase one of our Model Homes, the policies and procedures below will apply to the Virtual Lot Selection Drawing.
Please read all of the following to make sure you are familiar with how the lot selection process will proceed on Friday morning.
- Priority Order Determined by Random Lot Selection Drawing. The order for buyers to purchase a Model 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 19, 2022. Participants will be permitted to join the Zoom meeting as early as 8:45 AM. Participants selected will have the opportunity to purchase one of the available Model Homes at Valencia Cay as more fully discussed below.
- Pre-Registration for the Virtual Model Home Lot Selection Drawing. To be eligible to participate in the Virtual Model Home Lot Selection Drawing, a pre-registration will take place from now until 5:00 PM on Wednesday, August 17, 2022 (2 days before the event). During the pre-registration period, it will be necessary for you to visit the Valencia Riverland sales office in person to deliver a reservation deposit check in the amount of Ten Thousand Dollars ($10,000.00) made payable to “Valencia Cay” 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, (c) a Disclosure Summary for the Riverland Community Association, (d) a Disclosure Summary for the Valencia Cay Homeowners Association, and (e) a Deposit Receipt. 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.
A Zoom link will be provided to all participants upon the verification and receipt of all required pre-registration documents and the reservation deposit. The Zoom link will be sent to the e-mail address provided on the Reservation Deposit Form.
- Virtual Model Home Lot Selection Drawing and Process. At 8:45 AM on Friday, August 19th, pre-registered buyers will be allowed into the Zoom Meeting to view the Virtual Model Home Selection Drawing. At 9:00 AM, the Virtual Model Home Selection Drawing will begin to establish the priority order for buyers to purchase a model home in Valencia Cay. 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 select an available Model Home.
- Unable to Virtually Attend. If for any reason you are unable to virtually attend the Lot Selection Drawing on Friday, August 19th, 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., prior to 5:00 PM on Wednesday, August 17th). If you are represented by a broker, your broker may act as your model home selection representative, however, a broker may only act as a model home selection representative for one buyer at the drawing.
- One Drawing Spot Per Immediate Family. Model Home drawing spots are not transferrable so whatever number is given out to a buyer, the persons/couple with that selection number are the only ones that will have the opportunity to go to reservation and contract. Only one model home 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.
- Contract Execution. After you have selected a Model Home, 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. The contract signing appointment must take place on or before Friday, August 26, 2022. A deposit of ten percent (10%) of the total purchase price, less the $10,000 reservation deposit, will be required to be paid at the time of execution of the Purchase Contract.
- Financed Amount. Please note that if you intend to secure financing for your purchase of a Model Home, the loan amount cannot exceed 50% of the Total Purchase Price.
- 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 Virtual Model Home Lot Selection Drawing (i.e., by Monday, August 22, 2022) to show your ability to pay the purchase price. 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 of your choosing) for no more than 50% of the purchase price of the Model Home and with an expiration date no sooner than September 15, 2022, and completing a Cash Buyer Pre-Qualification Request to show the proof of cash funds for the remaining 50% required to close. Information regarding the Cash Buyer Pre-Qualification Request is available on our website. 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.
- 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. Please understand that there will be no contingency in the Purchase 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. In that regard, VA financing will not be accepted for the Model Homes due to the appraisal contingencies associated with those loans.
- 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.
- No Investor Policy. You may only purchase one lot in Valencia Cay, 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 prior to closing. In addition, in the event you sell the home within one (1) year after 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 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 (772) 226-9000 to speak with a Valencia Riverland Sales Associate. We look forward to seeing you during Pre-Registration and virtually at the Model Home Lot Selection Drawing on Friday, August 19, 2022!