Q: Is my deposit refundable if I am unable to proceed with purchase?
Yes. All deposits are fully refundable.
Usually you are required to make payments in three stages to secure your new Arcadia Waters home. The first step is for you to ‘Reserve’ a home of your liking on payment of a refundable deposit of $1,000.
The Reservation is normally for two weeks, during which time the home is taken off the market while you and your family and advisers consider the terms of the Village Scheme including the Lease for Life contract. At the end of the two weeks the Reservation terminates with the understanding that you will:
- Return our Village Scheme documents and be refunded your $1,000 deposit, or
- Enter into contract towards securing the Lease for Life of your village home which may be conditional on the sale of your existing house. This requires you to pay an additional $9,000 making a total deposit of $10,000 to be held in Trust until settlement or refund to you if conditions of your contract are not fulfilled in due course.
Your third and final payment is made at settlement from the proceeds of the sale of your existing house.