Reservation Procedures and Frequently Asked Questions
for
Austin commons

Reservation Procedures:
   1.  All Reservation Agreements must be accompanied by a $500 deposit.
   2.  All deposit checks must be made payable to Title One.
   3.  Personal checks are accepted.
   4.  Reservation deposits are fully refundable.

Frequently Asked Questions:

1. Is the $500 reservation deposit refundable?  YES.  The reservation deposit is refundable at any time prior to entering into a Purchase Agreement.  The deposit will be returned within 5 to 7 business days.

2. Does the $500 reservation deposit hold the price of the unit?  NO. The reservation deposit does not hold the price of the unit.  The price is held once the Reservation Holder has entered into a Purchase Agreement.

3. When does the Reservation Holder enter into a Purchase Agreement?  The Reservation Holder may not enter into a Purchase Agreement until after the Master Deed has been recorded.  We anticipate that the Master Deed will be recorded in late July.  Our sales manager will contact all Reservation Holders at that time.  The $500 reservation deposit may be returned at this time, or any time prior to this, if the Reservation Holder has changed his/her mind.  If the Reservation Holder intends to proceed, our sales manager will inform the Reservation Holder when he/she must enter into a Purchase Agreement to secure his/her specified unit.

4. How much money is required when entering into a Purchase Agreement?  An additional $1,500 deposit is required when entering into a Purchase Agreement.  The total $2,000 deposit will be credited at closing.

5. What if my 1st choice is already taken?  Although your first choice is already taken, the prospective Buyer may eventually "back out". It is best to have a 2nd and 3rd choice in mind and let us know what your first choice is. You may keep in touch with us on a weekly/monthly basis to see if your 1st choice becomes available.  Although we do keep a waiting list for those people who are interested in specific units, we will first approach those people already on Reservation Agreements if a unit becomes available.

6. When will the units be completed? Construction time is approximately 6 to 7 months depending upon when we get started.  We hope to begin construction as soon as the weather breaks.  However, completion dates are tentative and may change due to a variety of reasons. While we will do our best to adhere to the construction schedule, we reserve the right to change the building order and completion dates at our discretion.

7. How soon may I close after my unit is completed?  Closing will take place after the following conditions are met:
        a)  Completion of construction,
        b)  Issuance of a Certificate of Occupancy by the City of Saline,
        c)  Final inspection by the Lender if applicable.
   After these conditions are met, closing must take place within 15 days.

8. Do you have any other projects "in the works"?  We will be starting an 88-unit (22 4-unit buildings) condominium community in the Village of Holly (Stonebridge of Holly) at approximately the same time.  Please call our office for additional information regarding this project.