When will the Reservation Process begin?
The seller began awarding Reservations in August, 2017.
What is the Reservation Deposit amount?
The fully refundable Reservation Deposit is $50,000 and will be held at Coalition Title Company in Park City, Utah.
Will Reservations be unit specific?
Yes, Reservations will be unit specific.
When will Reservations convert to a Real Estate Purchase Contract (REPC)?
Reservations can be converted to a REPC once the final Condominium Plat and Declaration of Condominium have been recorded with Summit County. Reservation Holders will be kept informed as the condominium plat process moves through the Park City Planning Commission approval, the City Council approval and recordation with Summit County. The estimated timeframe for recordation is Early February 2018.
How will the Reservation and REPC be structured?
To initiate the reservation process, the prospective buyer will sign a Reservation Cover Sheet and a non-binding Real Estate Purchase Contract (REPC), which will then be submitted to the Seller. To award the Reservation, the Seller will sign the Reservation Cover Sheet only. In order to convert the Reservation into a binding REPC, the following needs to occur: (a) the final Condominium Plat and Declaration of Condominium must be recorded in Summit County; (b) the Seller must also sign the REPC; and (c) the Reservation Holder and the Seller must both sign a Ratification Exhibit acknowledging that the REPC is binding. The REPC will outline the complete purchase process including payment of Earnest Money Deposits, Seller Disclosures, Buyer Due Diligence deadlines, and other contract terms.
When are Deposits due under the Reservation and the REPC? When do the Deposits become non-refundable?
The Reservation Deposit is $50,000. Once converted from Reservation to a REPC, the Buyer will submit the appropriate funds to bring their combined deposits to an amount equal to 20% of the purchase price for the Residence. Upon completion of the Buyer’s Due Diligence as outlined in the REPC, the combined Earnest Money Deposits will be deemed non-refundable. The remaining balance of the purchase price for the Residence will be paid at closing. The Buyer’s combined deposits, once non-refundable, will be released directly to the Seller in two phases: (a) If Buyer approves of the Due Diligence and elects to proceed with the purchase of the Residence, then upon conclusion of the Due Diligence Deadline contained in the REPC, 50% of the combined deposits will be released to the Seller; and (b) The second 50% of the combined deposits will be released to the Seller when commencement of the Garage lid at grade has occurred.
Is there a transfer fee associated with this purchase or re-sale?
There will not be a transfer fee upon closing of the initial purchase and sale of a Residence from the developer/seller. At any future resale, the buyer will be required to pay a transfer fee equal to one-half of one percent of the purchase price. The transfer fee proceeds collected at the resale closing will be distributed to the Goldener Hirsch Residences HOA operating fund.
Closing Process and Title Company Contact?
As construction nears completion, the Summit Sotheby’s International Realty sales team will keep Buyers and Buyer’s Agents informed of the timing and will notify all Buyers and Buyer’s Agents when the Certificate of Occupancy has been delivered by the City, and the Residence is ready for occupancy. The REPC will outline the timeframe in which the buyer must wire the remaining funds to Coalition Title company and coordinate signing of closing documents. Buyers may conduct a final walk-through prior to settlement. Buyers may not move any personal items into their Residence until closing of the purchase has been completed.
When will I receive keys to my Residence and when can I move in?
The Buyer will receive the keys and may move into the Residence upon completion of closing of the purchase by Buyer and Seller, which includes recording of the applicable closing documents with the Summit County Recorder.
Are financing contingencies allowed?
The REPC for the purchase and sale of the Residence does not contain a financing contingency. At time of closing, the buyer should be ready and able to complete the purchase with cash.