Programs

Shell Reef Properties offers four programs for Buyers to acquire one of their homes. Shell Reef Properties designs more Programs and works harder than any other company to have people become Buyers.

Shell Reef Properties is not a real estate firm with brokers and agents. They own all of the properties.

All payments are due on the 15th of each month – not the first of the month. The monthly payment is the same amount for any of the four programs. Only the terms and conditions change – not the payment amount.

Whatever Program the Buyer selects, the Buyer may upgrade to a higher program during the first six months of their term.

A Buyer residing in one of Shell Reef Properties homes may switch to another home if they are upgrading to a higher program.

LEASE PURCHASE PROGRAM:
This program is for the Buyer beginning ownership of a home.

Under this Program, the sale price is not established, since neither a date for purchase nor the selection of the home has been determined.

Lease Purchase terms are for two years. On the anniversary of the first year there may be an increase based on operating expenses, taxes, insurance and Homeowner’s Association dues.

The County Government in which your house is located may increase the property taxes to pay for better schools and/or roads. There is an adjustment each January 15th for any increase in County property taxes. This increase has no mark up in it; it is on a dollar-for-dollar increase. Shell Reef Properties provides the prior year’s tax bill along with the new tax bill.

To move in with this Program, the Buyer need only provide $1,000 as a non refundable deposit into their savings plan. The $1,000 will reduce the purchase price of the house, when the Buyer determines they will purchase the house. Plus, $100 per month of the monthly payment, (when the monthly payments are paid on time) is credited toward the savings program. The buyer does not have access to the monies in the savings plan. The monies are not refundable to the Buyer. The monies in the savings plan can be applied toward a reduction in the purchase price of the house; or at the renewal time of the lease the monies in the savings plan can be used toward a major improvement in the current house the Resident is residing.

The resident is responsible for maintaining the yard and landscape; plus, the maintenance and repairs to the house. Management will repair any item during the first thirty days of the Lease Purchase Program, and the remaining twenty-three (23) months, or any renewals of the Lease Agreement; the Resident is responsible for maintenance and repairs.

LEASE – OPTION – PURCHASE PROGRAM:
This program is for the Buyer who has made a decision to purchase a home within a short period of time.

The Buyer pays an option fee. The option amount is three (3%) percent of the purchase price of the home. A purchase price of the house is determined. This program locks-in the purchase price of the house for a period of 18 months.

The three 3% option fee will be applied to a reduction in the purchase price of the house.

This program is ideal for those who need to correct a credit problem, are waiting to sell another house, are waiting to finalize a divorce, etc.

The resident is responsible for maintaining the yard and landscape; plus, the maintenance and repairs to the house. Management will repair any item during the first thirty days of the Lease Agreement, but for the remaining seventeen (17) months, or any renewals of the Lease Option Purchase Program, the Buyer is responsible for maintenance and repairs.

The County Government in which your house is located may increase the property taxes to pay for better schools and/or roads, etc. If the Agreement does not begin in the month of January, there is an adjustment each January 15th for any increase in County property taxes.

The Resident is responsible for paying the annual fire insurance premium and Homeowners Association dues (if any exist). The Resident may elect to pay the insurance premium when it becomes due, or to pay one twelfth of it each month. The Homeowner’s Association dues must be paid in full when they are due by the respective Homeowner’s Association.

OWNER FINANCING:
This program is for the resident who has made the decision that the selected home is where they want to live.

The down payment is equal to a minimum non-refundable amount of five (5%) to ten (10%) percent of the purchase price of the home. The monies from this down payment will reduce the purchase price of the house. With a down payment of five (5%) the buyer has twenty-four (24) months to close on the house; and with a down payment of ten (10%) the buyer has forty-eight (48) months to close on the house.

When the Buyer closes on the house with a traditional mortgage company, Shell Reef will pay for the appraisal, closing attorney’s costs (Shell Reef select the attorney), and the title insurance. Up to $1,500 in costs.

This program is ideal for those who need to correct a credit problem, waiting to sell another house, waiting to complete a divorce, etc. This program locks the purchase price of the house for a period of 24 to 48 months.
Under this Program, Shell Reef Properties is providing the mortgage to the Buyer. Like a mortgage from a bank, the Buyer can deduct the monthly interest and property taxes for IRS purposes.

The Buyer is responsible for paying the fire insurance premium, the property taxes, and any Homeowners Association dues. The Resident may elect to pay the insurance premium and County taxes when they become due, or to pay one twelfth of them each month. The Homeowner’s Association dues must be paid in full when they are due.

The resident is responsible for maintaining the yard and landscape; plus, the maintenance and repairs to the house. Management will repair any item during the first thirty days of the Agreement, but for the remaining months, or any renewals of the Agreement, the Resident is responsible for maintenance and repairs.

PURCHASE:
Under this Program, the Buyer purchases the house for the stated Purchase Price. The Buyer pays Shell Reef Properties cash, which the Buyer obtains from either traditional lenders or has their own cash available.