AIKEN STREET FLATS
F.A.Q

Aiken Street Flats Frequently Asked Questions

How do I begin the Purchase Process?

For an ‘under construction’ or to be constructed unit:

  1. Make Contact with our Sales Team. Our sales team can assist you in Identifying your preference of unit location, style preference and facilitate the process of completing a Reservation agreement or Purchase and Sale contract.
  2. Reservation Agreement. A good place to start is reserving the unit style and location you prefer by entering into a Reservation Agreement. The agreement reserves a specific unit for 14 days. This will give you a chance to gather all significant information related to the unit, provide a Loan Pre-Approval letter or proof of sufficient funds and review the Homeowner Association documents. A reservation requires a refundable deposit of $5,000.00 via check made payable to “South Village Communities LLC” along with a signed Reservation Agreement.
    Note: You may proceed directly to a Purchase and Sale Contract without a reservation agreement.
  3. Read through the Homeowners Association Documents These documents are provided by the sales team. The 14-day reservation period allows you the opportunity to ask questions relating to HOA documents, consult your legal counsel, and enter into a purchase and sales contract to further secure a unit.
  4. You may enter into a Purchase and Sale Contract at any time. This may take place initially or anytime throughout the 14-day reservation period.
  5. Termination of Reservation Agreement. In the event that a Reservation Agreement is terminated, the deposit will be released once the funds have been cleared.
  6. A Purchase and Sales Contract requires a deposit equal to 5% of the unit’s purchase price. If a reservation deposit has been procured, it will be applied to the Purchase and Sale Contract deposit when the Purchase and Sale Contract is fully executed.
  7. Finalize any optional upgrades for your unit. If construction time allows, you will have the opportunity to choose the finishes within the scheduled timeframe with the Seller.
  8. Anticipate enjoying your new home!
For constructed homes:

If a home is already constructed, the buyer will transition directly to a Purchase and Sales Contract without a Reservation.

Can I choose a different style fixture other than the ones that are offered?

Yes, you may have this option if time allows in the build cycle/timeline. Contact us and we will investigate the availability to have changes made. A member of our team will be happy to assist you through the process of making changes in the time that is allowed.

Do I need to make an appointment?

Yes, please contact us to coordinate an in-person or virtual appointment. Our team follows health and safety guidance from the Vermont Department of Health and CDC in accordance with the COVID-19 state and federal regulations.

What types of upgrades may be available?

Depending when you enter into a Purchase and Sale Agreement and the level of finishes installed for your unit, your options will vary. Early in the building process changes may be considered for appliances, cabinets, countertops, central vac, flooring, lighting, paint, plumbing fixtures, trim options, window awnings, etc. As the unit progresses through the building cycle, and taking into consideration the desired closing timeframe, our construction team will let us know which options may continue to be available.

We are currently living out of state. What do we need to be aware of as out of state buyers?

We offer virtual appointments and are well versed in communicating on various platforms. Should you need help we are happy to guide you through a virtual process.

What do you estimate the taxes to be?

The City of South Burlington Tax Department has shared their formula for determining the 2012-2013 property taxes at South Village and is as follows:

Purchase Price________/100 X $1.9385 = Estimated Taxes.

Therefore, a home with a value of $450,000 would have annual property taxes of $8,723. We strongly recommend that any perspective buyer contact the South Burlington Tax Department at 802-846-4109 for more information to verify any changes that may have occurred.

What is the meaning of a condominium?

A condominium is a building, or group of buildings, in which dwelling units are owned individually, and the structure, common areas, and facilities are owned by all the owners on a proportional, undivided basis. There shall be an association of building owners organized for the purposes of maintaining, administering, and operating the common areas and facilities. Condominium is a legal form of real property ownership and not a building style. The purchaser shall have title to his or her dwelling unit and an undivided interest in parts of the interior of the building, the exterior, and other common elements. The property shall be identified in a master deed and officially recorded on a plat (drawing/plan). The common elements shall comprise the land underneath and surrounding the building, certain improvements on the land, and such items as plumbing, wiring, and major utility systems, roof, siding, landscaping, driveways, parking, the interior areas between the walls, the public interior spaces, exterior walls, streets.

How much are the association fees and what do they cover?

The current monthly association fees payable to the South Village Master Association, Inc. is $109/Mo for a Condominium Unit to the South Village Community Association. These fees cover:

  • Lawn Care
  • Snow Removal
  • Trash and Recycling Pick Up
  • Storm Water Management Systems, Resources and Pump Station(s)
  • Street Lights

*Aiken Street Flats has its own Homeowners Association with dues that are specific to Aiken Street Flats buildings and units. The projected dues are: 286.28/month.

The combined dues per unit are projected to be $395.28/month during 2021.

Where can I obtain the Homeowner Association (HOA) documents?

A copy of the Homeowner Association documents will be provided to you within 14 days of executing a Reservation Agreement or Purchase and Sale Contract. The documents include a Public Offering Statement, the Declaration of Aiken Street Flats, Bylaws, Rules and Regulations, Association Budget and those of South Village Communities Association.

Will I be able to inspect my new home before I actually close?

Prior to your closing you will have a “walk-through” with your builder’s representative who will review your new home with you. If pandemic guidance allows, an in-person visit post sheetrock can be made. Otherwise, the walk-through may take place virtually as technology allows.

Can I grow a garden?

Yes! Raised beds are available at the South Village organic farm for an annual fee, with annual first come, first served enrollment. South Village Bylaws have requirements to ensure a chemical and pesticide free, organic environment in all landscaping, yards, gardens and lawns and home upkeep.

What is the Stewardship Fund? How is it funded?

The Stewardship Fund was created to the support the management of agriculture, open space and conserved lands and related programs. Funds are collected through home sales and charitable donations. One half of one percent of the sale of every home (exchange of deed) in perpetuity goes into this fund. The South Village Community Stewardship Fund is a 501 (c)3 charitable non profit corporation. Gifts, gratefully accepted! Learn more at: svcstewardshipfund.org

How is the Farm a part of this project?

A portion of the open space land at the center of South Village has been set aside for organic agricultural use in perpetuity, managed by the HOA and Stewardship Fund Board. The farmland is currently being leased to and farmed by Common Roots, South Village’s partner in agriculture and farming. Common Roots has created a farm stand model CSA, wherein members and non-members can shop for organic produce from May through November. The farm is organically farmed with earth mindful practices in concert with South Village’s own goals. The Stewardship Board sponsor the raised bed program and a chicken rearing program in addition to Common Roots offerings at the Farm.

Are the homes powered by the solar array?

The solar array located on the farm currently powers the City of South Burlington’s infrastructure.

Are there South Village community events?

There are many seasonal events such as potlucks and a jack-o-lantern contest, that take place at South Village for residents to get to know their neighbors. Activities are all voluntary to join or to help plan. There are book clubs, knitting clubs and ROMEO (retired old men eating out) gatherings. South Village has their own private Facebook page for residents only, to make connections, stay in touch with neighbors and up-to-date with current events.

Can I have a pet?

South Village is domestic pet friendly, with formal paved recreation paths & sidewalks to enjoy with your leashed pets. Townhome and condominium owners are limited to one pet. Rules require all cats must be indoor-only pets per the Bylaws. Pets are not allowed in the 130-acre Conservation Lands or the Quiet Paths within them. This is to preserve the natural environment and wildlife species that exist there.

How many homes are being built within South Village?

South Village has been Master Plan Approved for 321 units in a mix of single family and multi-family homes. Currently the neighborhood is about 80% complete.

Is there any warranty on our new home?

Your new home will be covered by a builder warranty program for one year. Most structural elements of the home are further covered under a manufacturer warranty for extended periods, windows for example. Owners are responsible for completing warranty enrollment on any or all of their appliances.

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