Goldener Hirsch Deer Valley Brochure UnbrandedGoldenerHirsch-RealtorBrochure-v6 | Page 75

RESERVATION & SALES PROCESS
When will the reservation process begin?
The fully refundable Reservation Deposit is $50,000 and will be held at Coalition Title Company in Park City, Utah. Residence. Upon completion of the Buyer’s Due Diligence as outlined in the REPC, the combined Earnest Mon-
ey 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.
Will Reservations be unit specific? Is there a transfer fee associated with this purchase or re-sale?
Yes, Reservations will be unit specific. 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.
The seller will begin awarding Reservations starting on Friday, August 4, 2017.
What is the Reservation Deposit amount?
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 recorda-
tion 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 fol-
lowing 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?
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.
Closing Process and Title Company Contact?
As construction nears completion, the Summit Sotheby’s International Realty sales team will keep Buyers and
Buyer’s Agents informed of the timing and will notify all Buyers and Buyer’s Agents when the Certificate of Oc-
cupancy has been delivered by the City, and the Residence is ready for occupancy. The REPC will outline the
timeframe in which the buyer must wire the remaining funds to Coalition Title company and coordinate signing
of closing documents. Buyers may conduct a final walk-through prior to settlement. Buyers may not move any
personal items into their Residence until closing of the purchase has been completed.
When will I receive keys to my Residence and when can I move in?
The Buyer will receive the keys and may move into the Residence upon completion of closing of the purchase
by Buyer and Seller, which includes recording of the