The Criteria to Purchase for Leisure World Seal Beach
Leisure World Seal Beach has specific Criteria to Purchase guidelines that have to be followed. As of August 1, 2008, all perspective residents have to be financially qualified before opening escrow. The following information applies to all prospective residents regardless of who is actually paying for the unit. For example, if a child is supplying the funds for their parents to purchase, it is the parents that must be financially qualified, not the child who is supplying the funds. Also, if two people are buying a unit together and they are not a married couple, they both will have to meet the financial qualifications individually.
The verification process and what documents mandated are basically the same for all Mutual's, the difference will be in the amount of liquid assets and net income required. A Buyer (resident) must prove that their minimum net income is at least 4-5 times the monthly fee (carrying charge) plus property tax and show that they have a minimum of $25,000-$50,000 in liquid assets. Whether a credit report and doctor's health letter will be required.
As part of your closing costs, each buyer will pay a One-Time Golden Rain Foundation Membership/Amenities Fee of $3,797.00. After financial approval and during escrow, the Buyer will go through a mandatory Orientation Meeting with a Representative from the Mutual.
The Documents Required to Qualify:
* Last 2 Years of Federal Tax Returns (1st 2 pages of the actual return).
* 6 Months Minimum of Bank Statements for an Account that has at least $25,000 - $50,000 in Reserves (can be multiple accounts). This can be any type of account, i.e.; IRA, Securities, Checking or Savings Accounts, etc.
PLEASE NOTE: In the event that the Buyer does not file tax returns, the last two years worth of 1099's, 1099-R's or 1099-SSA's may be used, along with the required Bank Statements.
In Addition to the Financial Documents, we will need the following:
* Copy of Passport OR Driver's License AND Birth Certificate for each Buyer.
* Signed Mutual Operations Disclosure / Active Adult Community Disclosure.
* Mutuals 1 requires a credit report with a score over 680.
* Mutual 14 and 17 require a Credit Report with a score over 620.
Doctor Letter Requirements:
* Doctor Letter AND Doctor signed Active Adult Community Disclosure for Mutual 1, 2, 4 & 9 (Call for Details).
* Doctor to sign Active Adult Community Disclosure - only, for Mutual 4 and Mutual 9.
* Active Adult Community Disclosure signed by Buyer is required for ALL Mutuals.
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