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The Centre FAQ's
Banking
Build-Out
Closing
Property Management
Reselling or Leasing of Unit
Parking
Banking
Q.
When do I need to have my financing in place?
A.
Within 30 days of signing the contract, you need to provide a
letter of commitment to us from a recognized lending institution.
Q.
What bank do I need
to use for my loan?
A.
You may use any bank you choose. We
also have a list of banks that are very familiar with this type of
loan, some offering preferred rates.
Q.
What is my initial
down payment and when does this deposit become nonrefundable?
A.
A fully refundable deposit of
$10,000.00 with an executed reservation agreement holds your unit(s) selection. Thirty days prior to groundbreaking 20% of sales price
becomes due and non-refundable.
Build-Out
Q.
Who does my
build-out?
A.
You can use any licensed contractor
that you prefer
Q.
What does my unit
come with?
A.
Your unit is stubbed up for water,
sewer, electric, and telephone.
Q.
What
type of sign can I erect?
A.
There are certain sign criteria that
must be followed. We will provide you with a package that contains
the specs for the signs, a/c brackets ( if required), permit #’s
for your building, and any other information that may pertain to
your unit or center.
Q.
When do I need to
line up a contractor?
A.
If you are going to include your
build-out in your loan, you will need to have your build-out
number within your 30-day due diligence period.
Q.
How much is my
build-out going to cost?
A.
Build-out costs depend on your own
specific needs and the contractor you use. We recommend getting
2-3 estimates.
Q.
Where do I get my
office layout?
A.
Either your contractor will recommend
a space planner or an architect or you can hire one separately.
Q.
What do I actually
own?
A.
You own the space inside your unit.
The association owns the building and all of the
structures. You own all of the buildings and land in association
with the other owners.
Closing
Q.
When
do I close?
A.
Within one week after being contacted
by G & G Global Development, Inc., to inspect your unit(s).
Q.
What if I decide to
change my business type?
A.
As long as it is approved by the
association, it is fine.
Q.
What insurance do I
need to maintain as a unit owner?
A.
Owners will need to obtain coverage
for damage to their contents and liability (Declaration Article
XI).
Q.
Do I need insurance
on the building?
A.
No, the association holds the
insurance on the building. It is covered by the association dues.
Property Management
Q.
Who manages the
property?
A.
An onsite professional management
company.
Q.
What
responsibilities does the property management company have?
A.
They manage the facility, to make sure
it is kept clean and mowed. They take in all association dues, pay
the bills and call meetings.
Q.
Who runs the
association?
A.
The association is overseen by a board
of directors. The board is elected by each voting member of the
association, all of which are covered in the
documents.
Q.
How often do we have
association meetings?
A.
A mandatory meeting is required once a
year. The board or the association can call other meetings it
deems necessary.
Q.
What are my monthly
operating costs?
A.
We do not have a completed budget to
offer, however we are anticipating $300.00.
Reselling or Leasing of Unit
Q.
What if want to sell
my unit?
A.
You may sell your unit with approval
of the association.
Q.
What if I want to
lease my unit?
A.
Tenant must be approved by the
association.
Parking
Q.
Are the parking
spaces reserved or open?
A.
All parking spaces are open. |
