Deed Restriction. If construction has not begun on a lot within 12 months of the date of the recorded deed from Developers, the owner of record, at Developers request, agrees to deed the property back to the developer for 90% of the original sales price. (i.e. paid $60,000 on 7/14, receive $54,000 on 7/15.) The current owner will not be reimbursed for taxes, closing costs or interest from the time the lot was purchased from the Developers. Developer will pay deed preparation, recording fees and transfer stamps.
Appears in 4 contracts
Samples: Purchase Agreement, Purchase Agreement, Purchase Agreement
