PURCHASE PREPARATION
Understand the Ocean House deposit schedule
A clear reference breakdown for planning questions, with the current purchase agreement controlling the actual payment obligations.
REFERENCE TERMS
The schedule in the supplied project Q&A
The supplied pre-construction Q&A describes the following schedule. The document also contains older launch information, so treat this as a reference for discussion rather than a current contractual offer.
| Milestone | Payment | Cumulative total |
|---|---|---|
| At contract | 20% | 20% |
| 30 days after contract | 10% | 30% |
| At topping off | 10% | 40% |
| At closing | 60% | 100% |
Our team will request the schedule applicable to the residence and contract date you are considering. An agreement signed after a construction milestone may handle that payment differently.
A SIMPLE ILLUSTRATION
What the percentages mean in dollars
For a hypothetical $10,000,000 purchase price, the reference percentages equal $2,000,000 at contract, $1,000,000 for each of the two subsequent 10% payments, and $6,000,000 at closing. This example is arithmetic only; it is not a quotation for an available residence.
The purchase-price balance is not the same as the final amount needed to close. Closing costs, prorations, financing expenses and other contract-specific amounts must be reviewed separately.
BEFORE TRANSFERRING FUNDS
Ask for the documents behind the schedule
The supplied Q&A names Old Republic Title and describes non-interest-bearing escrow. Confirm the current escrow holder, payment instructions and contract provisions directly with the responsible parties. Independently verify any wiring instructions through a known telephone number.
- Request the selected residence’s price and current deposit exhibit.
- Confirm how construction milestones affect payment timing.
- Ask your attorney to review cancellation rights, delivery provisions and the treatment of deposits.
- Review the proposed association budget and the complete closing-cost estimate.
The Q&A also describes corporate or trust purchases, subject to the required entity documents and transaction review. Your legal and tax advisers should assess the structure appropriate for your purchase.
Start with the residence plan, then ask our team to assemble the relevant payment and specification package.
Conceptual renderings and planned features are subject to change. Current developer-issued plans, specifications and the purchase agreement govern. Our team is affiliated with Fortune Christie's International Real Estate and provides independent buyer representation.