824/4752 Foxhunt Dr

Wesley Chapel FL 33543

890 sq. ft.

Other

Currently for sale - view listing

Overview

THIS IS A CONDO-TEL WHICH MEANS THE BUYER AT CLOSING SIGNS AN AGREEMENT WITH THE RESORT ALLOWING THEM TO USE YOUR CONDO AS THEIRS FOR THEIR HOTEL GUESTS FOR 320 DAYS A YEAR. YOU THEN HAVE THE RIGHT TO CHOOSE 45 DAYS A YEAR WHEN YOU WANT TO USE IT OR NOT USE THE CONDO AT ALL. YOU CAN NOT USE IT 21 DAYS IN SEASON WHICH IS FROM DECEMBER 15TH TO APRIL 15TH (unless the resort gives you permission to use). EVERY QUARTER THE ACCOUNTING DEPARTMENT TAKES A CALCULATION OF THE REVENUE THAT CAME IN FOR ALL THE ONE BEDROOM UNITS (B UNITS) AND THEN THE RESORT RECEIVES 55% OF THAT INCOME FOR MANAGING AND PLACING THE GUESTS IN THE UNIT AND THE OWNER RECEIVES 45% MINUS ANY EXPENSES YOUR UNIT MAY HAVE HAD THAT QUARTER AND ANY OTHER CALCULATIONS THAT ARE MADE FROM EXPENSES CHARGED TO THIS OWNERS ROOM DURING THAT QUARTER. A PERCENTAGE IS PUT PRIOR TO YOU RECEIVING YOUR DISTRIBUTABLE CHECK INTO THE ESCROW RESERVE ACCOUNT YOU STARTED AT PURCHASE OF $500.00. THIS ESCROW RESERVE ACCOUNT IS FOR THE FURNITURE THAT MAY BE NEEDED TO BE PURCHASED IN THE FUTURE OR ANY OTHER EXPENSES NEEDED FOR YOUR UNIT AND THE RESORT WANTS 20% OF THE VALUE OF THE FURNITURE TO BE ACCUMULATED IN THIS ACCOUNT BFORE THEY STOP PUTTING MONEY INTO THIS ACCOUNT EACH QUARTER. THE IMPORTANT ITEM HERE TO REMEMBER IS THE OWNER CANNOT LIVE FULL-TIME IN THIS CONDO. (At closing the buyer needs to have had an interview already with the general manager,) MR. PAT CIACCIO, AND HAVE BEEN APPROVED TO PURCHASE. THE COSTS TO CLOSE ARE APPROXIMATELY AS FOLLOWS: COST OF THE CONDO, ESCROW RESERVE FUND $500.00, INITIATION CLUB MEMBERSHIP FEE $8,025.00, THEY WILL COLLECT THE FIRST QUARTER IN ADVANCE, AND QUARTERLY DUES OF $435.00, QUARTERLY DUES OF HOA. THE HOA INCLUDES ELECTRIC, WATER, INTERNET, CABLE, HAZARD INSURANCE, EXTERIOR BUILDING, LAWN MAINTENANCE, AND YOU HAVE A 40 YEAR METAL ROOF WARRANTY, SUB-TERRANEAN TERMITE WARRANTY. YOU SHOULD PURCHASE A UNIT (inside) INSURANCE POLICY. THE ONLY BILLS YOU WILL RECEIVE WILL BE THE PASCO COUNTY PROPERTY TAX BILL IN NOVEMBER AND THE INSURANCE . ALTHOUGH INFORMATION IS BELIEVED TO BE ACCURATE IT IS NOT GUARANTEED.