At Bath and Racquet, we understand that purchasing a new construction condo is a significant investment. We are committed to ensuring our buyers feel confident and informed every step of the way. This guide is designed to provide you with peace of mind regarding how your deposits are handled, in compliance with Florida’s new construction condo law, and specifically held at Medallion Title Services.
Key Takeaways
- Strict adherence to Florida law for managing deposits.
- Deposits are secured at Medallion Title Services and used responsibly for construction costs.
- Buyer confidence and satisfaction are our top priorities.
Understanding Florida’s New Construction Condo Law
As Bath and Racquet developers, we abide by Florida Statutes section 718.202, ensuring every transaction is transparent and legally sound. This law provides clear guidelines on how deposits for new construction condos must be handled, safeguarding your investment. Our commitment to these statutes underlines our dedication to ethical practices in real estate development.
Deposits and Escrow Accounts
In line with Florida law, Bath and Racquet ensures that initial deposits are securely placed into an escrow account at Medallion Title Services until/ if directly used for hard construction costs. This measure safeguards your funds throughout the construction process, maintaining the highest level of trust and security in our transactions and reflecting our dedication to your peace of mind.
Use of Deposits by Developers
We are meticulous in using deposits in compliance with legal requirements. Any deposit over 10% of the purchase price can be strictly allocated to hard construction costs. These include expenses directly related to the construction and development of the condominium property, like demolition, site work, foundational work and more, ensuring your investment directly contributes to the tangible construction of your future home.
Buyer’s Rights and Protections
We empower our buyers with knowledge about their rights. If a buyer needs to terminate the contract under its terms, the deposit is refunded. This policy underscores our commitment to fairness and transparency.
Developer’s Obligations and Legal Compliance
Upholding the highest standards of legal compliance is our commitment. We ensure that all deposits are handled appropriately and all construction activities are in line with the contractual and legal requirements, building trust and ensuring the success and integrity of our projects.
FAQs
- What happens to my deposit if I decide to cancel the purchase?
- If the purchase contract is terminated under its agreed terms, the deposit is fully refunded.
- How does Bath and Racquet ensure my deposit is used correctly?
- Deposits over 10% can be used exclusively for hard construction costs, as mandated by law.
- What assurances do I have regarding my investment with Bath and Racquet?
- Our compliance with Florida law and our transparent handling of escrow accounts at Medallion Title Services provide a secure investment framework.