Goldener Hirsch Deer Valley Brochure GoldenerHirsch-Questions-Answers-July-26-2017-1 | Page 11

What is the Reservation Deposit amount?
The fully refundable Reservation Deposit is $50,000 and will be held at Coalition Title Company in Park
City, Utah.
Will Reservations be unit specific?
Yes, Reservations will be unit specific.
How will multiple offers on a single unit be handled?
All Reservations submitted on August 4th will receive equal consideration. In the event of multiple offers for
a Residence, buyers will be notified and provided with fair instructions to determine the successful
Reservation for that specific Residence. After the first day of Reservations, all other Reservations will be
evaluated on a first-come first-served basis.
When will Reservations convert to a Real Estate Purchase Contract (REPC)?
Reservations can be converted to a REPC once the final Condominium Plat and Declaration of
Condominium have been recorded with Summit County. Reservation Holders will be kept informed as the
condominium plat process moves through the Park City Planning Commission approval, the City Council
approval and recordation with Summit County. The estimated timeframe for recordation is fall 2017.
How will the Reservation and REPC be structured?
To initiate the reservation process, the prospective buyer will sign a Reservation Cover Sheet and a non-
binding Real Estate Purchase Contract (REPC), which will then be submitted to the Seller. To award the
Reservation, the Seller will sign the Reservation Cover Sheet only. In order to convert the Reservation into a
binding REPC, the following needs to occur: (a) the final Condominium Plat and Declaration of
Condominium must be recorded in Summit County; (b) the Seller must also sign the REPC; and (c) the
Reservation Holder and the Seller must both sign a Ratification Exhibit acknowledging that the REPC is
binding. The REPC will outline the complete purchase process including payment of Earnest Money
Deposits, Seller Disclosures, Buyer Due Diligence deadlines, and other contract terms.
When are Deposits due under the Reservation and the REPC? When do the Deposits become non-
refundable?
The Reservation Deposit is $50,000. Once converted from Reservation to a REPC, the Buyer will submit the
appropriate funds to bring their combined deposits to an amount equal to 20% of the purchase price for
the Residence. Upon completion of the Buyer’s Due Diligence as outlined in the REPC, the combined
Earnest Money Deposits will be deemed non-refundable. The remaining balance of the purchase price for
the Residence will be paid at closing. The Buyer’s combined deposits, once non-refundable, will be
released directly to the Seller in two phases: (a) If Buyer approves of the Due Diligence and elects to
proceed with the purchase of the Residence, then upon conclusion of the Due Diligence Deadline
contained in the REPC, 50% of the combined deposits will be released to the Seller; and (b) The second
50% of the combined deposits will be released to the Seller when commencement of the Garage lid at
grade has occurred.
Is there a transfer fee associated with this purchase or re-sale?
There will not be a transfer fee upon closing of the initial purchase and sale of a Residence from the
developer/seller. At any future resale, the buyer will be required to pay a transfer fee equal to one-half of
one percent of the purchase price. The transfer fee proceeds collected at the resale closing will be
distributed to the Goldener Hirsch Residences HOA operating fund.
Do I need to purchase insurance for my condo?
Yes. The HOA will carry coverage for the building. Owners will be responsible to carry any additional
insurance coverage that they deem necessary.
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