Frequently Asked Questions
I have a question about (click on one of the following):
- Purchasing Questions
- Financing Questions
- Closing Cost Questions
- HOA Fees & Budget Questions
- Unit Rental
- Condo Association Rules Questions
- Construction Questions
Purchase Questions
Q:How can I purchase a unit?
A: Please contact Alvaro or Maritere Munoz at our main office Tel: 407.513.4483
UK: +44 20 7669 4420 or
Spain: (+34) 91297 318.
We are currently pre-registering interested buyers on our web site. Please navigate to our "Request Information" page, fill out the form and submit to us. One of our sales representatives will contact you shortly to discuss your purchase options.
Q:What deposits are required at the time of contract?
A: When you sign your contract, you will be required to post a $5,000 earnest money deposit into escrow with Fidelity National Title. We will notify you upon groundbreaking for the site, (we anticipate some time around September 1st), and will require that you post additional funds so that the total amount in escrow is 10% (20% for Foreign National Buyers) of the purchase price of the unit. These funds will remain in escrow until closing.
Q:Can I assign my contract?
A: THe contract allows buyers to assign their contracts, but only with developr's
consent. If they consent, they will require that you pay then a fee of 2% of
the new purchase price of the unit, and post an additional 10% of the purchase
price of the unit into escrow for a total of 20% (30% for Foreign National Buyers).
This fee is non-refundable and due at the time of assignment. The full 20% (or
30%) must
remain in escrow until closing, and will be dispersed at that time per the agreement
between you and your Assignee. Buyers should remember that even if an assignment
is done, the original buyer is still ultimately obligated to purchase if the
person they assign their contract to fails to close for any reason, and all money
in escrow will be retained by the seller as liquidated damages should both parties
default on their purchase obligations.
Q:Why do the units vary in price even though the units are the same type?
A: THe units are priced with certain assumptions of value
based on their location in the building. As a general rule, units on top
floors with pool views are the most expensive.
Q:How is parking handled?
A: Parking spaces are individually numbered, but will be open. You will be given parking passes by the HOA Management Company, and are limited to 2 parking spaces per Capri, Roma and Florence, and 3 parking spaces per Palermo.
Financing Questions
Q:Can I purchase my home with a Financing Contingency?
A: No, we are not allowing for any Financing Contingencies. All purchases are
considered Cash Deals, and it is the obligation of the buyer to close with
or without financing.
Q:Who can I go to for financing?
A:Our in-house mortgage company will be rady to assistyo. Call our main office
for more details.
Closing Cost Questions
Q:Who is paying the typical closing costs?
A: If you either pay Cash or finance with Countrywide, AND utilize Fidelity
National Title as your Escrow and Closing Agent, we will credit you $5,500
towards closing costs.
If you decide to finance with anyone other than Countrywide, or to use a different Title Company for your closing, you will be responsible for the cost of your own Owners Title Policy, Transfer Taxes, escrow fees and all other typical buyers closing costs. We will only pay for our closing attorney and other customary and normal Sellers Closing Costs.
Condo Association Fees and Budget Questions
Q:What are Condo Association (HOA) Dues?
A: These are your prorated share of the fees that you will pay on a monthly basis as an owner of a condominium at Bella Piazza.
Q:How are these fees calculated?
A: We put together an operating budget (which you will receive at the time of you purchase) and then divided its expense to each unit based on the anticipated size of that unit. This gives us a per sf cost to each owner of approximately $.22/sf. without reserves, and $.27/sf with reserves.
Q:This seems like a lot of money compared to other condominiums. Why so much?
A: Our intention is to leave the owners at Bella Piazza with an operating and reserve budget that is realistic and sufficient to cover the needs of the property today and into the future. Therefore, we have included things like Reserves, which make our expenses a little higher than what you might be used to. It is also paying for each unit's cable TV, as well as structural insurance, landscaping, common area maintenance, common area utilities, common area janitorial, and water/sewer/trash.
Q:Why are reserves important? If
I only own the property for a short time, why should I worry about having
money for replacing a roof in 10 years when I won't be around to have to
pay for it?
A: The most important reason to have reserves is that when you go to sell or refinance you property, lenders will ask for a statement from the Association detailing what its reserves are. Lenders do not like to lend to buyers if there are not reserves that it deems to be sufficient to make repairs that may be necessary to the property while they have a Mortgage on it. In short, without reserves, you would likely have a very difficult time either selling or refinancing your property unless those reserves were in place.
Q:How much of my monthly HOA fees go into the reserve account?
A: At closing, you will pay a one-time fee of twice your units' monthly assessment. These funds will seed the initial Working Capital Fund. Each month thereafter, approximately 20% of your total monthly assessment is budgeted to be paid into the Working Capital Fund. This equates to about $60 on average per unit (this will vary based on the total sf of the unit). Our budget calls for a total of $149,125 annually to be paid into the Working Capital Fund so that there will be money to fund repairs and replacements to things like Roofs, Elevators, Pool Equipment, Exterior Paint, Driveways, Security Features, Fitness Center Equipment, etc.
Unit Rental
Q:Are owners allowed to rent out their units?
A: Yes, the Condo Association By-Laws do allow owners to rent their units out
under specific terms.
Condo Association Rules Questions
Q:I have heard that Condominiums have
rules that the owners have to live by. I have pets, and want to know
if there are any restrictions on keeping them.
A: Our By-Laws do allow for limited ownership of pets in our units.
Q:If I don't like some of the rules,
can I delete them from my set of Condo Docs as a condition of my purchase?
A: No. The rules are in place and are not changeable except when voted on and changed by the Association as a whole. If, after the Association is turned over to the owners, they decide as a group to change any of the rules and regulations, or to adopt new ones, they can do so. Until then, all documents apply to everyone as they are written and are enforceable on everyone.
Construction Questions
Q:When will Construction start, and when will it be finished?
A: Construction is scheduled to begin in December 2006, and weather permitting, should be finishing approximately Spring 2008.
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