Quote:
Originally Posted by EarlyBuyer
Magellan's standard contract contain's a clause which they stick to, stating that all units must be closed on and contracts cannot be assigned/transferred prior to close. Additionally, the purchaser must reside in the unit for one year post close. If the purchaser wishes to sell inside of that first year, Magellan retains the first option right to repurchase the unit at the original pre-construction price.
|
this is very common in most new construction contracts. however, if they are indeed virtually sold out, magellan may waive this clause. the reason for this clause is because the developer does not want to compete with flippers to sell units. if the developer is sold out, they dont have to worry about that.
Threaded Mode