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A typical new home buying
process for Foreign and US investors
deposit required for purchase – collected in 3 phases – initial deposit;
30-day deposit; 60-day deposit.
- (initial deposit) $5000.00 on date of purchase
- (30 day deposit) 10% (less original $5000.) to be received not later
than thirty
(30) days from contract date
- (60 day deposit) US purchasers – another 5% in 30 days;
Non-resident purchasers – another 10% in 30 days
Our Sales Staff will ask Buyers to provide an affidavit as to ownership of
other homes in the Central Florida area.
Second-home purchasers requesting financing contingency :
 | If a prospective Buyer does not own (or intend to own in 12-18 months)
other homes in Central Florida, we will agree to a mortgage contingency
contract for second-home financing. |
| For non-resident, second-home financing, we will require mortgage
contingency contracts to be based upon not higher than 80% financing. |
| For US residents, second-home financing, we will require mortgage
contingency contracts to be based upon not higher than 95% financing. |
Investor purchasers requesting financing contingency:
| If the prospective Buyer owns (or intends to own) other homes in Central
Florida, we will require investor financing, as opposed to second-home
financing for a mortgage contingency contract. |
| For non-resident, investor financing, we will require mortgage contingency
contracts to be based upon not higher than 75% financing. |
| For US residents, investor financing, we will require mortgage contingency
contracts to be based upon not higher than 80% financing. |
Note: Nothing in these contingencies prevents the Buyer
from securing a more-leveraged financing vehicle if possible. We will
require verifications to support the contingencies on the contract, however.
Cash purchasers:
| We will ask Cash purchasers to provide evidence / verification of full
funds for purchase. |
Immediately after contract –
| 10 days from date of contract – full loan application to be
completed |
| 20 days from date of contract – a pre-approval is to be received by us
from lender |
| 30 days from date of contract – second deposit is due to be received by
Park Square |
| 60 days from the date of contract –a FULL, unconditional loan approval is
due (The only conditions that are acceptable at this
point are conditions which the Seller must fulfill)
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| 60 days from date of contract – third deposit is due to be received by
Park Square |
When construction is ready to start –
| Pre-construction meeting takes place with superintendent – |
| Pre-drywall meeting with the superintendent at the home – Sales Associate
will email you the date for this meeting |
| 11 weeks from the target closing date – written notification to Buyers to
get their loan re-submitted by 30 days later ANY funding-up of US
accounts must take place now to avoid delays in closings |
| 7 weeks before targeted closing – if loan is not approved without
conditions by this date, a default letter is sent to Buyer providing them with
a 10-day extension to cure the default |
| 6 weeks before targeted closing – (on approved loans) letter is sent to
advise Buyer of target closing date |
1 week before targeted closing – orientation walk – please plan to attend for
your clients if they are unable to do so themselves.
NOTE this is just a guide, some builders to this slightly differently
but this give you the idea of what will be required of a new home purchaser
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