Oak Grove by Summerhill Homes
Additional Information Coming Soon!
The 5.94-acre project site consists of eight parcels and is located at Jones Road, southeast of the intersection of Interstate 680 and Treat Boulevard, within unincorporated Contra Costa County and adjacent to the City of Walnut Creek.
PROGRAM DOCUMENTS & DISCLOSURES
Resale Restriction, Excess Sales Proceeds Note, and Deed of Trust
This program requires you to sign a Restriction Agreement.
Resale Restriction Terms: Restriction terminates at resale; Equity Share. The household must agree to occupy the Inclusionary Unit as their primary residence for at least 3 years and comply with the terms of their recorded Resale Restriction Agreement.
Understanding the intricacies of the program documents is crucial when considering participation in a housing program. Deed restrictions, agreements, promissory notes, and deeds of trust are all legal instruments that can significantly impact the rights and obligations of property owners. For instance, deed restrictions can limit how a property is used, who you can sell it to, refinancing, and upgrading the home, and it requires the owner to occupy the home. It also sets conditions for its future sale, which includes a cap on the resale value and/or an equity share, depending on the program. Similarly, a promissory note is a binding promise to repay a loan and/or excess sales proceeds (the difference between the home's fair market value and the maximum restricted resale price), and a deed of trust secures the promissory note by placing a lien on the property. Click below to access & review the documents to ensure this program is for you. You can hire an attorney to help you understand the Program Documents you’ll sign and promise to abide by.
Additional Drawing information Coming Soon
RESOURCES
How-to and Informational Videos
How to get started and prepare a file
Register for HUD Approved 1st Time Homebuyer course
Complete (Full) File Document Checklist
Lender List and Forms: Click Here
Applicants selected to purchase one of these homes must remain qualified for their financing and eligible for the program throughout the application process until they close escrow and get the keys.
