Selection Process
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Contract Acceptance Procedures The following procedures are intended to ensure a fair, equitable and transparent sales process for all parties interested in purchasing a residence at 9097 FLATS. First date signed contracts may be submitted: August 30, 2022 Contract Submittal Deadline: September 7, 2022 3:00 PM MST Contract Submittal: Purchase and Sale Agreement, signed via CTME received by Michele Hart & Jim Schlegel (micheleandjim@slifersummit.com). You must receive a confirmation email from Michele & Jim confirming receipt prior to the deadline to ensure your contract was received. Contract Acceptance: Contracts will be signed digitally beginning at 3:00pm on September 7th at the Slifer Smith & Frampton office located at 211 N. Main Street, Breckenridge. Contract Submittal Seller will begin accepting (but not signing) contracts on August 30, 2022, through its agent, Slifer Smith & Frampton (SSF). All contracts must be received on the Seller’s form Purchase and Sale Agreement (PSA) provided to the purchaser by SSF. Prospective purchasers should submit a contract on their “first choice” home on the form Purchase and Sale Agreement provided by Seller. Prospective purchasers may also submit a second contract (through the form provided by Seller) indicating a “second choice” home that they would like to purchase in the event they don’t get their “first choice” home. Seller/SSF will attempt to keep prospective purchasers updated if multiple contracts have been submitted on the home(s) that they have submitted contracts on prior to the Contract Submittal Deadline so that purchasers may adjust their submittals if they so choose.
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Contract Execution All contracts received by Seller/SSF prior to September 7th at 3:00 PM MST (the “Contract Submittal Deadline”) shall be deemed to have been received at that time. For example, a contract received on August 30th shall be treated the same as a contract received at 3:00 PM MST on September 7th. Seller will digitally countersign (execute) contracts shortly after the Contract Submittal Deadline and SSF will promptly notify prospective purchasers and/or their broker when their contract has been executed. Only contracts at full published price will be considered for execution by Seller. Clean contracts without changes, amendments, or adjustments will be selected for execution over any modified contracts. Seller may or may not execute any contracts at its sole discretion. If a prospective purchaser’s contract is not executed by Seller for any reason, SSF will promptly notify prospective purchaser. Selection Process The following selection process shall be followed in the event that more than one clean (unmodified, full price) contract is received on the same residence by the Contract Submittal Deadline (“competing contracts”). The competing contracts will be entered into a blind/random selection process (names drawn from a hat or similar process) shortly after the Contract Submittal Deadline at the Slifer Smith & Frampton 211 N. Main Street, Breckenridge office. Broker, prospective purchaser or an authorized representative of either are welcome to be present to observe the selection process. SSF will offer a digital option to observe the random drawing process if requested. One contract will be randomly selected through the process. This contract will be executed by Seller. SSF will promptly notify the executed contract holder as well as the other prospective purchasers that were not selected.
Second-Choice Selection Process If a prospective purchaser is not selected to purchase their first choice and has identified a second choice per the Seller provided contract and addendum, and that second choice is still available after the entire first-choice selection process has been completed for all homes, then that purchaser’s second-choice contract shall be executed by Seller. All of the same selection parameters from the first-choice home selection process shall apply to second-choice selection process. In other words, if there are competing contracts in the second- choice round, the same random drawing process described above will be conducted to select a contract to be executed. Third-Choice Selection Process If a prospective purchaser participates in the selection process and is not selected for their first or second choice, said purchaser will be notified by the sales team and shall have the option to purchase a residence from the remaining inventory (after the conclusion of all first and second choice processes on all homes) via submittal of a new Purchase and Sale Agreement. Such contracts will be accepted on a first-come, first-served basis. This “third choice” option shall be available only until 3 PM MST on September 8th, 2022. All remaining inventory as of 3 PM MST on September 8th, 2022 will be made available to any and all purchasers on a first-come, first-served basis thereafter. Earnest Money Deposits An initial $15,000 earnest money deposit is due at executing contract. An additional earnest money deposit equal to 10% of the contract purchase price will be due within 15 business days from mutual execution of the contract (“MEC”) Seller reserves the right to modify this process at their sole discretion.
Other Questions You May Have Can I submit a contract prior to August 30th, 2022? No, the Seller will not begin accepting contracts until August 30th, 2022. Can I submit a contract with an offer price higher than the list price and/or modified terms that are beneficial to the Seller/developer? Please do not. This process is not intended to be a bidding competition but rather a fair and transparent process in which all prospects are given an equal opportunity to purchase a residence at the full asking price with a clean contract. If the Seller receives such a beneficially modified contract, it will need to be amended to a full-price contract without any modification (a clean contract) and will be executed as such. If I submit a signed contract, can I withdraw it prior to the Contract Submittal Deadline? Certainly, but you will need to do so prior to the Contract Submittal Deadline. This request for withdrawal can be done via email to Michele Hart & Jim Schlegel (micheleandjim@slifersummit.com), but you must receive an email confirmation response from Michele or Jim that your withdrawal was received and processed. In this case, the Seller will immediately discard your contract.Absent a confirmed withdrawal, your contract may be countersigned on the Contract Submittal Deadline and become binding. We hope this clarifies the selection process for you. Please feel free to reach out to either Michele Hart or Jim Schlegel with any further questions.