If you are interested in purchasing a home within the Parkways development, here is the step by step process:
1. Get on the reservation list. An initial deposit of $5,000, made to Title Guaranty Escrow Services, is needed to be placed on the reservation list.
Circled lots are the latest lots released to the reservation list
2. Accept or decline. Once each group of lots are released within each individual phase, the developer starts at the top of the reservation list giving each party 48 hours to accept or decline before moving down the list.
3. Reserve a property. Within the 48 hours of list release, parties give the builder notice which property/properties we would like to reserve.
4. Schedule a site visit. Following notice, each party will schedule a site visit with the developer to finalize reservation of chosen lot (if living off island, some agents are willing to take photos and video for the buyer).
5. Escrow. Following the site visit, buyers have 48 hours to make a decision, write their purchase contract, and deliver an additional deposit of $5,000 to escrow. Escrow will be opened at this time.
6. Deposits. There will be two additional deposits following your initial deposit of $5,000 and your second reservation deposit of $5,000.
- The third installment will be $10,000 when the foundation is poured; depending on which lot you choose, there could be a foundation in place. In this case, the buyer would include their $10,000 deposit with our second $5,000 deposit and purchase contract.
- The last installment will be $10,000 due at the completion of the drywall. This is usually 3-4 months from the opening of escrow.
8. Waiting period. The average build time is around 1 year from start to finish.
9. Final walkthrough. Prior to closing, a final walkthrough would be performed to ensure satisfaction. If the buyer is involved in the early build stage, there is possible input for counters, colors, flooring, etc.
Tim Stice, R(B)