Southern Maryland Real Estate Blog: Brookfield Homes

New Home Sales in Maryland Now Contingent on Financing

If you are in the market to buy new construction in Maryland, there is a state law change that you should know about. An October 2009 modification to a Maryland statute changes financing contingency clauses in new home sales contracts.

Protecting the Builder and the Buyer

Basically, a contract for a new home will be contingent upon the purchaser obtaining written confirmation of financing for the purchase. Also, the contract must state the maximum loan interest rate that the purchaser is obligated to accept to honor the sale contract.

While the new modifications relate to financing contingency clauses, you can contain a provision in the contract expressly stating that it is not contingent on financing. The potential problem is that the statute does not require this statement to be conspicuous or on a separate addendum.

Protect Your Interests With a Realtor

This is where having your own Realtor to watch for your interests is good insurance. A Realtor will know to search the contract for any 'hidden' statements that could shift the contract in favor of the builder instead of you, the buyer. The LAST thing you want to happen is to go into a contract to purchase a new home, be unable to get financing, and still be held to honor the sales contract!

If you are interested in having a new home built, contact me today! Great deals can be had in the area with new home builders, and great options also exist for custom building your dream home on 1+ acre lots!

Jonathan Benya

Realtor

Century 21 New Millennium

9405-A Chesapeake Street 301-609-9000 Office

La Plata, Maryland 20646 301-653-8116 Mobile

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in Brookfield Homes, Builders, Buying, Craftmark Homes, Current Affairs, Development News, Financing, Interest Rates, KB Homes, Law, Lending, Maryland, MD, new construction, New Homes, New Homes For Sale, Potomac Homes, Real Estate, real estate agent, realtor, Ryan Homes, Southern Maryland, Southern Maryland New Construction, Southern Maryland Real Estate | Permalink | Comments (0) | TrackBack (0)

Swan Point Project Gains Board of Public Works Approval

Swan Point's proposed development project won approval this week at the Maryland State Board of Public Works hearing in Annapolis, MD this past Wednesday.

I attended the meeting to view first hand what Governor Martin O'Malley had to say about the project, and to voice my support for the project. I was impressed at the supporter turnout for the project. Over 2 dozen people were there to support the development, and although 3 people showed up to protest the development, only two of them decided to speak out against Brookfield Homes and US Steel's proposal.

The Governor actually opposed the plan, but even without his vote the project gained the necessary approval needed to move forward! This means that the Swan Point Development Corporation is looking to break ground on the Westin Swan Point hotel by early 2009, and should be slated to open in 2011.

The meeting itself was fascinating. Wayne Cooper, Mac Middleton, Sam Graves, and Murray Levy all spoke in support of the project and it's benefit to Southern Maryland, and one of the developers reps mentioned that there was projected to be a 10% overall improvement in water quality in the area due to the new development.

I've been very impressed with both Brookfield Homes and US Steel on this development. They seem to understand the sensitive nature of developing a project like this on the Chesapeake Bay, and they've been very flexible in changing plans and proposals in order to comply with concerns of residents and government officials.

It really speaks volumes towards their character when they willing change and reduce their own development in order to satisfy everyone involved. Make no mistake, the goal is to develop a waterfront resort destination here, but that doesn't mean the developer can get everything they want, either. It's a relief to see a developer that is willing to be flexible with the community.

Link to Maryland Independent Article on Board of Works Approval
Link to Other Development Posts

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

in Brookfield Homes, Charles County, Development News, Issue, Maryland, Maryland Independent, MD, Southern Maryland, Swan Point | Permalink | Comments (0) | TrackBack (0)

Swan Point Development Finally Moving Forward

   I've got some news for all you Charles County residents out there... The development project in Issue, MD at Swan Point may finally been moving forward! For you golfers out there, you know how challenging the par 72 course there can be, and now it looks like they're getting ready to begin the second half of the development that they started 20 years ago!

   The second phase includes 1,500 new homes, a hotel, marina, and a dedicated 55+ community! Tentatively dubbed "Villages of Swan Point", this 900 acre project has been on the books since 1986. Brookfield Homes Corp. has joined the project and they are now working with U.S.S. Realty as the lead developer for Swan Point.

   In order to help ease the concerns of their critics, there is a new sewage plant under construction in the area, among other things. While they have not gotten all of the required county approvals. If the project does proceed as planned, this will have the potential to radically alter the make-up of the region and hopefully establish Southern Maryland as a premiere vacation and resort destination to get away from the Washington, D.C. without having to travel out to the Eastern Shore or Carolina Coast.

   Keep your eye on this blog and as soon as approval from the Maryland Critical Area Commission is handed out, I'll let you know!