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Global Community Development, LLC

1202 SE 8th Place, Ste A, Cape Coral, Florida


239-573-6254 Phone 239-573-8447 Fax
Leslie@globalcommunitydevelopment.com
How it works and what is needed!
Financing Scenario for La Croix Duplex

First
1. Execute Purchase Contract
2. Fill out and sign Pre-Qual Sheet
3. Fill out and sign Loan Application
4. Sign Escrow Release
5. $5500.00 deposit to The Title Connection, applied toward buy closing costs (insurance, taxes, survey, etc.).
(If participating in SRAP)
6. Fill out SRAP application and Financial Statement
7. $315.00 to Ried and Assoc. For Elevation Certificate
8. $600.00 SRAP processing fee $300.00 paid to Choice Property Management and $300.00 to Gulf Coast
Consulting (non-refundable)
9. $50.00 SRAP application fee paid to Mississippi Development Authority
10. $275.00 Home Inspection
11. $26,290.00 10% down

Submit total amount of $33,030.00 via wire transfer to


Bank Name: Bank of America
Bank Address: 1511 Matthew Dr, Fort Myers, FL 33907
Routing# 026009593
Account# 005563062881
Swift # BOFAUS3N
For Further Credit to: The Squad, LLC dba The Title Connection
Title Co Address: 1202 SE 8th Pl, Ste A, Cape Coral, FL 33990

Second
1. Lot assigned to investor (lot cost is included in purchase price)
2. Submit file to financing, The Title Connection will wire 10% to the Lenders Escrow Company
3. Receive loan commitment letter for financing
4. Close on financing
5. Build unit (s)
6. CO
7. Property available for Rent

Timelines
Financing: It will take aprox. 30-45 days to get financing approval *10% of loan amount will be put in escrow
at the time of loan application;
Build: All of our units are built in less than 90 days; in most cases construction will be complete within 45 days.

1 ________ Buyer Initials _________ Buyer Initials


PURCHASE AGREEMENT

This agreement, entered into this _________ day of ________,200____, by and between: Global
Community Development, LLC “SELLER”, and
_____________________________________________________ (title to be taken as specified above)
hereinafter referred to as “PURCHASER”, whose address, telephone number, and social security number(s) are
as follows:

________________________________ _________________________________
(Printed Name) (Printed Name)
________________________________ _________________________________
(Social Security Number) (Social Security Number)
________________________________ _________________________________
(Address) (Address)
________________________________ _________________________________
________________________________ _________________________________
(Office/Cell Telephone Number) (Office/Cell Telephone Number)
________________________________ _________________________________
(Home Telephone Number) (Home Telephone Number)

1. PROPERTY. Seller will sell and Purchaser will purchase the following property situated in the
Bayside Park Subdivision, Hancock County, Mississippi:

Lot Number: ________


Floor Plan: La Croix Duplex

2 ________ Buyer Initials _________ Buyer Initials


2. PURCHASE PRICE. The purchase price of the property is $262,900.00, payable as follows:

a. Upon signing the purchase agreement, the purchaser will pay a deposit of $5000.00. This deposit
will be held by The Title Connection and disbursed in accordance with this Agreement. The
Purchaser acknowledges that the deposit paid, prior to closing pursuant to this contract, may be used
for the following purposes (which could include, but not limited to: site preparation, marketing, land
cost, construction of units or other related expenses) by the developer prior to closing.
b. At anytime, prior to loan closing, buyer may elect to cancel this contract and deposit refunded,
less $500.00 admin fee paid to Global Community Development, LLC. Once loan closes and/or
construction commences all deposits, down payments and fees paid become non-refundable.
c. 10% down payment is due at time of loan application execution.
d. Balance of purchase price, if any, is due at final closing, once construction is complete, in the form
of wire or certified check.

3. CONSTRUCTION SPECIFICATIONS. Seller agrees that materials, equipment and fixtures to be used in
constructing the structure and the project will be substantially the same as those described in Seller’s plans and
specifications. (See attached Exhibit(s): Exhibit A – Floor Plans, Exhibit B – Unit Specifications) Seller
reserves the right to make reasonable modifications and substitutions of equipment and fixtures of substantially
equal or better quality. However, Seller will not make any modifications or substitutions which have a material,
adverse effect on the value of the structure or the project, or materially reduce the floor area of the structure or
common elements, if any. Purchaser acknowledges that Purchaser has reviewed or had an opportunity to
review the construction plans and specifications and by execution hereto has approved same.

The Seller represents to the Purchaser that the Seller is the sole owner of the plans or has the legal right to use
the plans. The Seller agrees to indemnify and hold the Purchaser harmless for any copyright action which may
be asserted as a result of the use of the plans.

4. COMPLETION. Notwithstanding any other provision of the Agreement, construction of the structure shall
be complete on or before Six (6) months from the date of this Purchase Agreement; provided, however, that the
Seller shall not be responsible for delays caused by circumstances recognized by Mississippi law to constitute
impossibility of performance, such as war, strikes, insurrection, Acts of God, or unanticipated shortage of
building materials.

5. INSPECTION, ACCEPTANCE, AND FINAL CLOSING. Purchaser will have a reasonable opportunity
to inspect the structure before closing. Seller will provide Purchaser with written notice and a fifteen (15) day
time period in which the Purchaser will have to coordinate the inspection. If Purchaser fails to coordinate the
inspection within said time period, then Purchaser shall be deemed to have waived its right of inspection. After
Purchaser’s inspection and prior to closing, Purchaser and Seller will prepare and sign a list (“punch list”) of
any defects in the workmanship or materials. Any necessary punch list items will be remedied within twenty
(20) days after closing, without cost to Purchaser, by Seller. The closing will not be delayed nor conditioned by
any un-remedied defects or unperformed punch list items. Purchaser has the option to remedy those punch list
items not remedied by Seller within the 20 day time frame at Purchaser’s expense and Seller agrees to
reimburse Purchaser upon receipt of written request.

Seller or its agent shall secure the date, time and place for closing of title at The Title Connection. However,
the closing date will not be before the date when Seller obtains a Certificate of Occupancy for the structure from
the proper governmental agency. The closing shall be affected in the following manner:

a. Seller or its agent will give Purchaser at least Seven (7) days notice of the closing date and place of
closing.
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b. Seller or its agent may give to Purchaser, at least thirty (30) days prior to the closing date, a Closing
Information Sheet (pre qualification worksheet) which must be completed by the Purchaser and
returned to the Seller or its agent not later than five (5) days thereafter. All closing documents will
be prepared based upon the information set forth in the Closing Information Sheet. If the sheet is not
returned within this time frame, the documents will be prepared based on the information as
indicated on page 1 of this Purchase Agreement.

c. This Agreement is not contingent upon Purchaser obtaining financing for purchase of the structure.
If Purchaser obtains financing, it is Purchaser’s responsibility to ensure that Purchaser’s lender will
be ready to close by the date of closing. The fact that Purchaser’s lender is not ready to close shall
not be cause for a delay in closing. Additionally, it is Purchaser’s responsibility to give written
notice to Seller at least thirty (30) days before the closing date of the name of Purchaser’s lender,
address, phone number, loan amount, and contact person. It is also Purchaser’s responsibility to
notify its lender of the closing date set by Seller.

d. If Purchaser does not intend to be present for closing, it is Purchaser’s responsibility to give written
notice to Seller or its agent at least ten (10) days before the closing date of the address to which the
closing documents should be sent. All closing documents will then be delivered to Purchaser by
either facsimile (if originals are not necessary to effectuate a closing), electronic mail, or via
overnight delivery and Purchaser shall pay all costs of delivery and return of closing documents.

e. At closing, the balance of the purchase price plus Purchaser’s closing costs must be paid by cashier’s
check, or wire transfer to Escrow Agent’s account completed before noon on the closing date.
Cashier’s checks are accepted subject to clearance, and are not considered paid until cleared.

f. Seller is not obligated to extend the closing date. However, in the event Seller agrees to Purchaser’s
request to extend the closing date, even though Seller is under no obligation to do so, Purchaser shall
be charged an extension fee paid in advance in the amount of seventy-five dollars ($75.00) per day
and said fee shall not apply to the purchase price. Furthermore, if closing is extended beyond the
closing date, prorations for taxes and Association charges, if any, shall be calculated based on the
closing date set forth in Paragraph a. above rather than the actual closing date.

6. TITLE AND CONVEYANCE. Seller is to convey title to all of his interest in the property by General
Warranty Deed. Seller shall, prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special
liens affecting the subject property which are not specifically assumed by Buyer herein. Title shall be good and
marketable, subject only to the following items recorded in the Chancery Clerk’s office of said County:
easements without encroachments, applicable zoning ordinances, protective covenants and restrictions,
homeowner association articles of incorporation, bylaws, rules and regulations and prior mineral reservations;
otherwise Purchaser, at his option, may either (1) if defects cannot be cured by designated closing date, cancel
this contract, in which case all earnest money deposited shall be returned, (b) accept title as is, or (c) if the
defects are of such character that they can be remedied by legal action within a reasonable time, permit Seller
such reasonable time to perform his curative work at Seller’s expense. In the event that the curative work is
performed by Seller, the time specified herein for closing of this sale shall be extended for a reasonable period
necessary for such action. Seller represents that the property may be legally used as zoned and that no
government agency has served any notice requiring repairs, alterations or corrections of any existing condition
except as stated herein.

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The Seller will provide the Purchaser with an affidavit stating that all materials and services for which a lien
could be filed have been paid, or an affidavit identifying what services and material for which a lien could be
filed have not been paid, and swearing that such amounts will be paid from the proceeds of the final payment.

7. SELLER AND PURCHASER EXPENSES. At closing, developer shall pay all closing costs, to include
lender fees, title fees, government and recording fees and survey, Borrower pays taxes, insurance, appraisal and
home inspection.

8. DEFAULT. Should the Purchaser fail to close or to pay the deposits, after construction loan closing, within
the time period set forth in this Agreement, such non-performance shall constitute a default under this
Agreement. Upon default by the Purchaser, the Seller’s sole remedy shall be to retain all deposits made by the
Purchaser to the date of such default. If default is made prior construction loan closing all deposit money will
be returned less $500.00 administrative fee to Global Community Development, LLC. This provision has been
specifically agreed upon by the parties because the amount of actual damages is incapable of ascertainment, and
default on the part of the Purchaser would have serious adverse financial effects upon the Seller, as a result of
increased costs, expenses and fees having been incurred by Seller, and by its having lost the opportunity to sell
the structure to other prospective purchasers. In the event of default by Seller, Purchaser’s sole remedy is the
return of all deposits paid to Seller.

9. WARRANTIES. All warranties are limited to the implied warranties of habitability and workmanlike
construction and are limited to a period of one year from the date of the issuance of a Certificate of Occupancy
by the local building code enforcement authority. This limited warranty is the only expressed warranty
provided by the builder. A copy of the Standard Builder Warranty can be downloaded from the Mississippi
Home Builder Association website. A 2-10 Homebuyers Warranty is included in the purchase price and will be
provided to purchaser at Certificate of Occupancy.

10. ARBITRATION. Should any dispute arise relative to the performance of this contract that the parties
cannot resolve, the dispute shall be referred to a single arbitrator in Mississippi acceptable to the Seller and the
Purchaser. If the Seller and the Purchaser cannot agree upon an arbitrator, the dispute shall be referred to the
American Arbitration Association for a resolution venue in Mississippi.

All attorney fees that shall be incurred in the resolution of disputes shall be the responsibility of the party not
prevailing in the dispute.

11. ASSIGNMENT. The Purchaser’s rights and obligations under this Agreement are not assignable or
transferable by the Purchaser without the prior written consent of the Seller, which may not be unreasonably
withheld. Purchaser further acknowledges and agrees that any consent to an assignment by Seller shall not
operate as a release of Purchaser of its obligations under this Agreement.

12. INSURANCE. The Seller shall obtain all workers’ compensation, commercial general liability insurance
and comprehensive liability insurance necessary to protect from claims for damages due to bodily injury,
including death, and for damages to property that may arise out of and during operations under this contract.

13. MISCELLANEOUS. This agreement contains the entire understanding between the parties hereto. No
promise, representation, warranty or covenant made by Seller or real estate agents who are not included in this
Agreement has been or is relied on by either party. Each party has relied on its own examination of this
Agreement and the provisions hereof, and the counsel of its own advisors, and the warranties, representations,
and covenants expressly contained in this Agreement itself. The failure or refusal of either party to inspect the
Agreement or other documents, or the failure to obtain legal or other advice relevant to this transaction,
constitutes a waiver of any objection, contention, or claim that might have been based on such reading,
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inspection or advice. No modification or amendment to the agreement shall be of any force or effect unless in
writing and executed by the Purchaser and by the Seller.

The paragraph headings herein are for purposes of identification only and shall not be considered in construing
this Agreement. Whenever used, the singular shall include the plural, and the plural the singular, and the use of
any gender shall include all genders as appropriate.

This Agreement shall be governed by the Laws of the State of Mississippi. Seller and Purchaser agree that
neither this Agreement nor any short form summary hereof shall be recorded in the Public records of Jackson
County, Mississippi.

14. TIME IS OF THE ESSENCE. The performance of all obligations on the precise times stated in this
Agreement is of absolute importance and failure to perform any of them on time is a default, time being of the
essence.

THIS CONTRACT SHALL BECOME EFFECTIVE ON THE DATE IT IS SIGNED BY BOTH


PARTIES.

WE, THE UNDERSIGNED, HAVE READ, UNDERSTOOD, AND AGREE TO EACH OF THE
PROVISIONS OF THIS CONTRACT AND HEREBY ACKNOWLEDGE RECEIPT OF A COPY OF
THIS CONTRACT.

_____________________________ Global Community Development, LLC


Purchaser Signature

_____________________________ ______________________________
Printed Name / Date Authorized Agent

_____________________________ ______________________________
Purchaser Signature Printed Name

_____________________________ _______________________________
Printed Name / Date Date

6 ________ Buyer Initials _________ Buyer Initials


Exhibit A

7 ________ Buyer Initials _________ Buyer Initials


Exhibit B
Standard Features

• Land preparation allowance (clear and fill) on a


standard lot pending a lot inspection. • Style 4 raised panel closet doors.
• Driveway and walks on a standard lot. • DuctWorksRX®
• Landscaping package up to 8,000 sq. ft. Bahia • Wall to wall stain resistant upgraded carpet
Sod with shrubs with upgraded pad in all bedrooms
• Steel reinforced concrete footers with • Vinyl covered ventilated closet shelving.
monolithic pad or Stem Wall Foundation. • Colonial base and trim moldings.
• Certified pre-treatment of soil under slab plus • Interior washable paint.
6mm visqueen vapor barrier(5 year warranty). • Interior decorator lights.
• Engineered steel exterior framed walls. • Window treatments.
• Engineered steel trusses or Pearling Design. • Single lever faucets in kitchen and baths.
• Stucco, brick or siding finish on all exterior • Stainless steel double bowl kitchen sink.
walls. • Upgraded sterling plumbing fixtures.
• 40 gallon water heater, • Mirrors over vanities in bath.
• R-30 insulation in all ceilings. • Tile flooring in kitchen, entry way, living room
• Professionally engineered cooling and heating laundry and baths.
system "SEER" per code. • Fiberglass tub in baths.
• Private raised covered entry. • Cabinets with color mica tops.
• 2 outside hose bibs. • Exhaust fans in baths per code.
• Maintenance free, White aluminum soffit and • Elongated toilets.
fascia or stucco. • 200 amp electrical service.
• Two weather proof exterior electric single • Ceiling fans in all rooms.
family outlets. • 2 phone and 2 TV outlets.
• Exterior "coach lights". • Smoke detectors installed per code.
• White aluminum window frames with fiberglass • Doorbell.
screens. • Builders risk insurance.
• Complete septic and water system where • EnergyStar ®Self cleaning range and oven.
required, connection to central water and • EnergyStar® Refrigerator w/purified water for
sewer if applicable. ice maker.
• Single hung windows. • EnergyStar® Washer and dryer set.
• Interior wall studs 24 inch on center. • Exterior venting from laundry to outside.
• Interior windowsills Knockdown" textured finish • EnergyStar® built in under counter dishwasher.
on walls and ceilings. • Water purification system
• Style 4 raised panel doors. • 2-10 Homebuyers Warranty
• 3 hinges on all doors. • Builder will pay any construction loan interest
• Tempered glass sliding doors. due beyond six month
• Kwik set door handles on all doors.
• Decorative handle set with deadbolt on front
door.

Floor Plan and Features are subject to change without


notice for comparable quality materials.

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