- 6 - case of an already existing cluster home, the purchase agreement required a deposit of 15 percent of the purchase price upon execution of such agreement and the balance at closing. If the cluster home were to be constructed, the initial deposit was 20 percent of the purchase price upon execution of the agreement, 40 percent within 5 days after notification that the house package had arrived at the construction site, and the balance at closing. Cluster home owners were responsible for payment of real estate taxes on the cluster home and were billed by Buncombe County individually for those taxes. Cluster home owners were responsible for maintaining homeowners' insurance on their units and were individually billed by their homeowners' insurance company for the same. Cluster home owners were also responsible for payment of their utilities as billed to them individually by the utility companies. Petitioner was responsible for maintaining the lawns, driveways, exteriors of the structures, and major repairs to appliances and their replacement. In the event of total destruction of the cluster home,6 the cluster home reverted back to petitioner, and the owner was entitled to keep the proceeds of the insurance policy. If the destruction was only partial, the owner had the option to repair the home or resell it to petitioner in its damaged condition. Under the latter option, the repurchase price would be reduced by the cost of restoring the home. The purchase agreement placed the following restrictions on 6 Total destruction was defined as destruction of over 70 percent of the cluster home.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011