09_BuyersGuide

A B U Y E R ’ S G U I D E

B U Y E R ’ S G U I D E

I N T R O D U C T I O N

1 Location2 Lake Nona Golf & Country Club3 Amenities4 Lake Nona Region5 Tavistock Group, The Developer

P U R C H A S E P R O C E S S

7 How to Purchase9 Mortgage12 Purchase Costs

O W N E R S H I P

13 Fees and Dues14 Custom Building Process

1

Lake Nona Golf & Country Club is nestled amidst a canopy of tall oaks, pines and cypress

trees, and features a world-renowned Tom Fazio-designed championship golf course,

bordered by over 1,000 acres of sparkling lakes. Central to all that Orlando has to offer, Lake

Nona is enhanced by new world-class education, wellness and recreational amenities. With

homes ranging from $1 to over $7 million, there is no other place like it in Central Florida.

Conveniently located 15 minutes east of the Orlando International Airport and

several private airports, Lake Nona is also ideally situated relative to the major

highways within the area, making it easy to travel within the Central Florida area.

The downtown Orlando entertainment district, charming Winter Park shopping area, major

attractions like Disney World, Universal Studios, and East Coast beaches are all w i t h i n

a 3 0 - m i n u t e d r i v e .

H O W F A R I S L A K E N O N A F R O M T H E A I R P O R T ?

Lake Nona is a 15 minute drive from Orlando International Airport.

H O W E A S Y I S I T T O G E T F L I G H T S T O O R L A N D O ?

Orlando is one of the most accessible cities in Florida with up to 28 direct flights a week. Both

Virgin Atlantic and British Airways fly direct daily from London and Manchester.

Turnpike

To Beaches

Orlando

To Tampa

Orlando International

Airport

Narcoossee Rd

N

I- Lake Nona Golf & Country Club

Lake Nona Town Center

Science &Technology Park

Recognized by Travel & Leisure Golf (a top U.S. magazine) as one of

the top 15 golf communities in the US, Lake Nona Golf & Country Club

is a gated, 600-acre, private residential community with a breathtaking

Tom Fazio-designed 18-hole championship golf course nestled alongside

Lake Nona, Buck Lake and Red Lake.

Lake Nona provides a host of amenities for the entire family. In addition

to the golf course and 1,000 acres of pristine lakes, there is a grand

Clubhouse with multiple dining options, an 18-room Guest Lodge, a

Bath & Racquet Club, fitness center designed by certified trainers and

endless miles of paved paths for walking, jogging and biking.

The community boasts a splendid array of neighborhoods and residences

priced from $1 million to over $7 million. The residences range from

maintenance-free coach homes to single family estate homes.

The club is the cornerstone for the entire Lake Nona Region, a 7,000-

acre master-planned community that will be home to world-class

education, medical and recreational facilities, a science and technology

park, diverse work spaces, retail centers, entertainment choices and

numerous residential options. The Lake Nona Region and Lake Nona

Golf & Country Club are all being developed by Tavistock Group.

W H AT I S L A K E N O N A G O L F & C O U N T RY C L U B ?

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W H AT A M E N I T I E S A R E A T L A K E N O N A G O L F & C O U N T RY C L U B ?

• 40,000-square-foot Neo-Georgian-style Clubhouse

• Golf Professional Shop

• Casual and Formal Dining Rooms

• Grill Room & Lounge

• Men’s and Ladies’ Locker Room

• Men’s Card Room

• Conference Room

• An 18-room private guest lodge offers members and their guests elegant and comfortable

accommodations.

• The Bath & Racquet Club offers fitness and tennis plus a resort-style pool complex and kids

playground.

• Fun activities for children are organized by our Kidz Klub Director and offered year-round.

• Our Head Golf Pro and Head Tennis Pro are among the best in the U.S. and available for lessons.

• A trio of waterways – Lake Nona, Buck Lake and Red Lake – offer outstanding water-based

recreation including freshwater fishing and boating.

A R E T H E R E D E S I G N AT E D S C H O O L S I T E S I N T H E L A K E N O N A

R E G I O N ?

Yes, Lake Nona currently has one completed elementary school located within a 2 minute drive from the

Lake Nona Golf & Country Club entrance. NorthLake Park Community School, which has received an

“A” rating from the Florida Department of Education and has been designated a higher learning facility.

NorthLake Park Community School has consistently been rated in the top 5% of all elementary schools

in Orange County, Florida. The school has also won the prestigious ULI Award of Excellence, which is

an international award recognizing best practices in development. Lake Nona has designated property

for future development of two additional elementary schools and one middle school. A new Orange

County public middle and high school are currently in planning and development.

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L A K E N O N A R E G I O N : F A S T F A C T F I L E

• Lake Nona is a thoughtfully designed 7,000-acre master-

planned community within the city limits of Orlando.

• The community has approved entitlements for 9,000

residences, 7 million square feet of commercial space and

2,250 hotel rooms.

• Located only 15 minutes from a world-class international

airport, 20 minutes to downtown, and 30 minutes from

Florida’s beautiful east coast beaches.

• The centerpiece of the community is a state-of-the-art Science

& Technology Park that will be anchored by the University

of Central Florida College of Medicine and the renowned

Burnham Institute of Medical Research.

• The Nemours Foundation announced it is planning for the

development of its proposed children’s healthcare campus,

featuring a top-tier specialty pediatric hospital, at Lake Nona.

• The Lake Nona Town Center plans call for an upscale open-

air regional mall encompassing more than 1.5 million square

feet of retail space.

• Over 40 percent of the Lake Nona master plan has been

reserved for open space and lakes.

• When complete, 44 miles of linked multi-purpose trails,

equestrian trails, and bike lanes will meander throughout the

community.

• Lake Nona has partnered with Audubon of Florida in a multi-

year sponsorship agreement focused on the groups’ mutual

commitment to preserve the environment.

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Website

www.LearnLakeNona.com

Lake Nona Golf & Country Club is a developer-owned club. Many clubs in the US are equity (member)

owned clubs. The advantages to a developer-owned club include ongoing capital improvements that

are absorbed by the developer and not the individual members. Tavistock Group’s commitment to Lake

Nona Golf & Country Club is long-term in nature as it continues to develop the entire region.

Tavistock Group (www.tavistock.com) is a private investment company founded by Joe Lewis. The

company has grown to encompass a broad portfolio around the world, including life sciences, sports

teams (Tottenham Hotspur Football Club) and sporting events (The Tavistock Cup), manufacturing

(Bristol Motor Cars) and distribution (Puma, Gottex, Vans), oil and gas, financial services, restaurants

(California Café, Napa Valley Grille), private luxury residential properties and master-planned real

estate developments.

Prestigious club communities include Isleworth and Lake Nona Golf & Country Club. Tavistock Group

and its partners, Tiger Woods and Ernie Els, have recently broken ground on Albany Golf & Beach Club,

a luxury resort-style community on the island of New Providence in The Bahamas. Tavistock Group

also announced its partnership with the Jamaican government’s Harmonisation Ltd. to jointly plan and

develop 2,200 oceanfront acres on the country’s northern coast in Trelawny Parish. Harmony Cove

will be Jamaica’s newest resort city destination conveniently located 30 minutes from Montego Bay and

Ocho Rios.

W H O I S T H E D E V E L O P E R ?

W H AT L E G A L O W N E R S H I P D O E S I T H AV E ?

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H O W D O I P U R C H A S E P R O P E R T Y O R A R E S I D E N C E ?

Contact Paula Cox, Jodi Emrick or Cathy Williams at Lake Nona Realty:

Tel: +1 407 851 9091

E-mail: [email protected]

www.lakenona.com

Lake Nona residential offerings, details of the development and home guide prices are available

through the above agents and via the website (www.lakenona.com).

PURCHASE PROCEDURE AND EXCHANGE OF CONTRACTS

The purchase procedure and exchange of contracts varies slightly between new homes, spec homes,

resale homes and developer lots. However, in general, once the buyer is ready to purchase at the

agreed price, the buyer will be presented with a contract and required to supply approximately 10% of

the purchase price as a deposit with the possibility of additional deposits required by some of our new

home builders.

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C A N I O B TA I N A M O R T G A G E T O A S S I S T I N T H E P U R C H A S E O F

M Y P R O P E R T Y ?

If purchasers wish to discuss the structuring of their purchase, we can recommend the following

mortgage specialists who are familiar with Lake Nona:

LAKE NONA US MORTGAGE RECOMMENDATIONS:

1) Kyle Stewart, CitiMortgage Inc, office: +1 (561) 702-1421

2) Mark Phillips, Island Capital Mortgage, office: +1 (321) 356-6439

W H AT A R E T H E G E N E R A L T E R M S O F T H E M O R T G A G E

P A C K A G E ?

U.S. mortgage loans are up to a maximum of 80% loan-to-value, either interest only or with a

maximum repayment term of up to 30 years. The interest rate is either fixed or linked to various

indexes in the US or the Dollar’s London Interbank rate in the UK, determined by the loan program

selected.

W H AT F E E S A R E I N V O LV E D ?

Mortgage Broker fees may vary, but usually range from 0% - 2% of the loan as an origination fee. A

bank may charge up to 1% of the loan as their origination fee. Also, depending on the loan program

selected, there may be percentage points (0 to 2%) charged on the mortgage amount.

Legal fees will be set by the appointed lawyer for the work required to formalize the mortgage.

Valuation and appraisal fees, as a formal valuation on the property, will be required by the mortgage

provider.

H O W D O W E K N O W I F W E W I L L Q UA L I F Y ?

Please contact one of our mortgage advisors with some basic information and you will be given a

quick answer in principle. If the response is positive then the application papers will be collated and

submitted to lender.

H O W L O N G D O E S T H E W H O L E P R O C E S S T A K E ?

Once an application is formally submitted, a commitment letter should be possible within two weeks

and then the legal process should take approximately 6-8 weeks to complete.

W H AT A R E T H E C O S T S I N V O LV E D W H E N P U R C H A S I N G A

P R O P E R T Y A T L A K E N O N A ?

Apart from the funds required for purchase, there are a few other costs to consider:

TRANSFER TAX AND STAMP DUTY (See ‘Purchase Costs’ on Page 1)

None; as mentioned previously, the purchaser does not pay any purchase tax or stamp duty.

LEGAL FEES

Each purchaser must pay their own legal costs upon purchase. Please obtain a quote from one of the

recommended lawyers.

HOMEOWNERS INSURANCE

Clients have previously used the following providers for home insurance, however this list does not constitute a

formal recommendation.

A) Allyson Olver

Florida Insurance Specialist, LLC. Agent Jason James


Tel: +1 (321) 832-1960

Fax: +1 (321) 832-0840

B) Kathy Beck

Sihle Insurance Agency

[email protected]

Tel: +1 (407) 389-3559

Fax: (407) 869-1012

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C) Michael Tomlin

CGM Gallagher


Tel: +1 246 426 1442

Web: www.cgm.com.bb

D) Dawn Lewis

J. Rolfe Davis Insurance

850 Concourse Parkway South, Ste 200

Maitland, FL 32751

Tel: (407) 691-9500

Fax: (407) 691-9620

[email protected]

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P U R C H A S E C O S T S

Stamp Duty N/A

Buyer Closing Costs/Completion Costs * Approx. 2% of purchase price

Legal Fee As per private agreement

Home Owners Association (HOA)

Initiation fee $500

O N G O I N G C O S T S

HOA Costs US $1,445 quarterly ($5,780 annually)

Homeowners Insurance Approx. 0.5% or less of purchase price annually

Property Taxes Approx. 1.6% of purchase price paid annually

R E S A L E C O S T S

Agents Cost 5-7% negotiated with realtor

Closing Costs/Completion Costs * 1.5-2%

Transfer Tax N/A

Doc. Stamps Included in Buyer’s Closing Cost estimate above

G O L F & C O U N T RY C L U B C O S T S

Initiation Fee Subject to membership approval by the Club

US $65,000 (waived on most new home purchases),

plus 6.5% sales tax and $500 initiation fee

Dues US $13,350 annual, plus 6.5% sales tax

* Costs include, but are not limited to, Recording Deed & Mortgage, Mortgage Title Insurance, Credit Reports, Document Preparation Fees, Mortgage Application Fee, Survey, Appraisal, Inspection(s), and Home Warranty.

13

HOUSEHOLD BILLS

The owners of a property will be responsible for all household bills including repairs, utilities other

than television (water, gas, electricity, and telephone), and individual home landscape maintenance.

LAKE NONA GOLF & COUNTRY CLUB

Subject to approval by the Club, Lake Nona Golf & Country Club requires an initiation fee and annual

dues payment. Currently, the initiation fee is $65,000 and the annual dues payment is $13,350 plus tax.

Beyond the annual dues, there are standard food minimums, guest fees, cart fees, etc.

Many times, the purchase of a new home includes an initiation fee waiver; however, buying a home still

requires new residents to go through the formal membership application process.

H O W C A N I S E L L M Y P R O P E R T Y ?

Upon completion of purchase, the owner will have full title, and therefore the full right to utilize the

property and occupy it. The owner is therefore free to dispose of it as he/she wishes, hand it on to family

as a gift or sell it.

While not obligated, most owners will use a Real Estate Agent based at Lake Nona.

CAPITAL GAINS TAX

International Sellers are subject to a 10% withholding fee of the sale price to cover any potential U.S.

income tax liabilities from the transaction. The seller will file a return after the closing to determine

the actual tax liability. Always seek specialist independent tax advice.

HOMEOWNERS ASSOCIATION DUES

Each purchaser will be liable for payment of an annual service charge, currently US $1,445 quarterly,

that covers certain common costs, which include the following:

Landscape maintenance of all common areas

Security, including 24-hour gate and grounds coverage

Cable television

Pond and fountain maintenance

Sidewalks

Light poles and electricity

Road resurfacing

The service charge is the same for all homeowners and residents except for Coach Home residents, which

have an additional annual assessment to cover exterior maintenance.

A R E T H E S T R E E T S P R I VAT E ?

The streets are private and are required to meet the City of Orlando’s design guidelines, all of which have

passed their field inspections. A fully staffed gatehouse is operational 24 hours a day.

I F I B U Y A L OT, A R E T H E R E Q UA L I F I E D C U S TO M B U I L D E R S ?

Yes, only builders with a commitment to perpetuating quality craftsmanship and a design integrity that

compliments the area’s breathtaking natural beauty are invited to be among the select group of master

designers showcased at Lake Nona Golf & Country Club. Akers Custom Homes, Cahill, ISSA Homes,

Kamenoff – Hughes Custom Homes, Maroon Fine Homes, Pellegrini Custom Homes, and Menaker

Development/Jetco Construction.

W H AT I S A N I M P R O V E M E N T C O M M I S S I O N ?

An Improvement Commission is a fee that provides for the marketing and promotion of the community.

An Improvement Commission is applied when a custom home is constructed by an approved builder or

when an existing home is expanded to increase the interior living space within seven (7) years of initial

occupancy. The Improvement Commission is calculated by multiplying the total home construction or

expansion costs by 7.5%.

C A N I C U S TO M I Z E M Y P R O P E R T Y ?

Once the purchase is completed, owners can treat the interior of their property as they wish for residential

purposes. However, any exterior changes would require the approval from the Lake Nona Design

Review Committee.

A R E T H E R E A R C H I T E C T U R A L C O N T R O L S ?

Yes, a detailed design manual will be provided by the Homeowner’s Association. This manual is designed

to protect the homeowners and to ensure that the architectural integrity of Lake Nona and long-term

homeowner values are always being maintained. In addition to the manual, there is a Design Review

Committee comprised of independent architects that meet regularly to discuss all new home construction

and landscaping plans for Lake Nona. All plans require the approval of the committee before construction

can commence.

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L A K E N O N A R E A LT Y

Contact: Cathy Williams

Tel: +1 407 851 9091


www.lakenona.com

09_BuyersGuide

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