Location and Market Analysis:
Conduct a thorough analysis of the property’s location and the local real estate market. Investors should target areas with potential for growth, strong rental demand, and positive cash flow. Market research guides investment decisions and maximizes returns.
ROI Potential:
Investors seek properties that offer a favorable return on investment (ROI). Consider factors like rental income potential, property appreciation, and the property’s ability to generate positive cash flow. Providing financial projections and ROI calculations is valuable for investors.
Property Management Services:
Offer professional property management services for investors who prefer a hands-off approach. Effective property management includes tenant screening, maintenance, rent collection, and legal compliance. A well-managed property can attract and retain tenants, ensuring a steady income stream.
Zen Garden Condominium Unit Reservation At Preconstruction Purchase Price
This reservation of a condominium unit is made this ___ day of _______________, 2023 by and between:
Buyer Information:
- Name of Buyer: _____________________________________________ (please print COMPLETE names of Buyers)
- Buyer’s Address: ____________________________________________________________ (please print COMPLETE address)
Hereinafter referred to as “Buyer”
Developer Information:
- Developer: Zen Garden, LP Hereinafter referred to as “Developer”
Owner Occupancy Intent: The undersigned Buyer wishes to purchase a condominium unit, subject to certain conditions, restrictions, and covenants, and hereby requests Developer to reserve for purchase the Condominium Unit # ______. Zen Garden Condominiums may be for owner occupancy or for rent, lease, or sublet by investor owners.
Purchase Price & Deposits:
In consideration of Builder’s reserving this Unit, the Buyer agrees to pay a deposit to the Escrow Agent as set forth below (the “Initial Deposit”), in U.S. currency, the receipt of which is hereby acknowledged, which sum will be applied towards the deposit of ten percent (10%) of the purchase price of said condominium unit in the event a Purchase and Sale Agreement is executed.
Preconstruction Purchase Prices:
Ground Floor: [_____Garden/Pool view, $210,000] [_____North side, $190,000] 2nd Floor: [_____Garden/Pool view, $225,000] [_____North side, $200,000]
a. Ten Percent (10%) is to be paid herewith and will be a deposit to bind this reservation. (Check payable to Escrow Agent: Jason Myatt Law IOTA; Escrow Agent address: 1800 NE 114th Street, #1909, Miami, FL 33181) b. Ten Percent is to be paid as an additional deposit upon execution of the Purchase and Sales Agreement. This amount together with the respective reservation fee must equal Twenty Percent (20%) of the purchase price. c. Ten Percent (10%) of the Purchase Price is to be paid at Groundbreaking. d. Ten Percent (10%) of the Purchase Price at 2nd Floor Slap. e. Ten Percent (10%) of the Purchase Price at Top-Off. f. Fifty Percent (50%) of the Purchase Price at Closing.
Escrow Agent will provide a receipt to Buyer for any and all funds held by Escrow Agent.
First Right of Refusal:
During the construction stages of the project with preconstruction prices, proposed Buyer will have a First Right of Refusal for the requested unit. If the Buyer elects to release the requested unit due to a higher bidder purchase price offer, the Buyer will receive the difference of the original purchase price and the higher purchase price offer, subject to a Purchase and Sales Agreement between Buyer and Developer has been entered and the original deposit has become a nonrefundable deposit.
Purchase & Sale Agreement:
The Buyer shall execute a Purchase and Sales Agreement and pay the remaining fifty percent (50%) of the Purchase Price at Closing. A firm timeline of deposit due dates and estimated Closing will be provided to Buyer when Builder and Seller have finalized all construction plans. ANY PAYMENT IN EXCESS OF TEN PERCENT (10%) OF THE PURCHASE PRICE MADE TO THE DEVELOPER PRIOR TO CLOSING PURSUANT TO THIS CONTRACT MAY BE USED FOR CONSTRUCTION PURPOSES BY THE DEVELOPER.
Custom Upgrades:
Personal custom upgrades (e.g. Central Air Conditioning) require mutual agreement with the developer in the Plans & Specifications (“P&S”). Costs will be paid upfront with the P&S and will be nonrefundable. Buyer agrees to prepare and arrange for a unit customization meeting with the Developer within thirty (30) days of the date of the reservation request and prior to the P&S due date if any personal custom upgrades are to be proposed.
Termination:
If the Buyer fails to execute a Purchase and Sales Agreement and make the final payment, then this Reservation Agreement shall automatically be canceled and shall be null and void, and neither party shall have any further recourse against either the Developer or the Buyer. Provided, however, the Developer will promptly refund all deposits made hereunder upon Buyer’s return of all condominium documents and the unexecuted Purchase and Sales Agreement. This Reservation Agreement does not constitute an Option to Purchase, an Offer to Purchase, an Agreement to Sell, or a Purchase and Sale Agreement for the Condominium Unit, it being expressly understood and agreed that neither the Buyer nor the Developer shall be legally obligated with respect to the purchase and sale of the Condominium Unit until and unless the Purchase and Sales Agreement has been agreed to and the agreement has been executed by both the Buyer and the Developer and 10% deposit paid to the Escrow Agent. By execution of this Reservation Agreement.