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| Q: |
What is S.M.A.R.T.? |
| A: |
S.M.A.R.T. stands
for Save Money and Rent Too, which allows residents
of participating Cagan Management communities to
accrue as much as 20% of their monthly rent in the
form of a reserve credit. The program pays up to
3% of the purchase price of a newly constructed
single-family home from any of our participating
builders. |
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| Q: |
Why is Cagan Management
Group offering S.M.A.R.T.? |
| A: |
Owning your own home
is the American Dream! Our demographics indicate
that over 40% of our residents who move do so because
of the purchase of a new home. Cagan Management
Group would like to help our residents achieve this
dream through S.M.A.R.T. |
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| Q: |
How is my equity
calculated on the purchase of NEW home? |
| A: |
As a S.M.A.R.T. member,
you will immediately begin receiving your S.M.A.R.T. reserve
credit each month you live at a participating CMG
community up to the maximum credit of 3% of the
final purchase price of a new home. You must live
in a Cagan Management Group community a minimum
of 180 days in order to quality, after which the
program becomes retroactive from the first day of
the month you enrolled.
Example:
| If your rent is $800 per month: |
|
| Reserve per month (20%) |
$160 |
| Months of residency: |
24 |
| Accrued Reserve |
$3,840 |
If you purchase a new home for $150,000,
your accrued credit on this home is $3,840.
You may continue to build up credits up
to the maximum of 3% for a total of $4,500.
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| Q: |
How is my equity
calculated on the purchase of an EXISTING home? |
| A: |
As a S.M.A.R.T. member,
you will immediately begin receiving your S.M.A.R.T. reserve
credit each month you live at a participating CMG
community up to the maximum credit of ½ %
of the final purchase price of a new home. You must
live in a Cagan Management Group community a minimum
of 180 days in order to quality, after which the
program becomes retroactive from the first day of
the month you enrolled.
Example:
| If your rent is $800 per month: |
|
| Reserve per month (20%) |
$160 |
| Months of residency: |
12 |
| Accrued Reserve |
$3,850 |
If you purchase an existing home for $150,000,
your accrued credit on this home is $750.00
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| Q: |
How can my equity
be used? |
| A: |
Your S.M.A.R.T. reserve
will be used towards the purchase of a newly constructed
single-family home from any of the participating
builders (see the list of quality new homebuilders).
The amount in your reserve account is credited by
the builder at closing and can be used in a number
of ways, for example: as closing costs, points,
upgrades or allowable concession. These options
may vary according to each builder. |
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| Q: |
If the homebuilder
is offering a special home buying incentive, can
I take advantage of both the incentive and the S.M.A.R.T.
reserve that I have earned? |
| A: |
Yes. Your reserve
may be used in conjunction with any other homebuilder
incentive. |
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| Q: |
What if I move,
transfer, or leave the area before I use my reserve? |
| A: |
Your S.M.A.R.T. reserve
remains in force as long as you are a Cagan Management
Group resident in an active lease and your account
is in good standing. S.M.A.R.T. may be offered by Cagan
Management Group in another region. If you move
to another participating Cagan Management Group
community, throughout the USA, then your S.M.A.R.T. reserve
may be transferred. The program may vary by region.
If you move to another community other than a Cagan
Management Group community, you have 120 days to
use your reserve, after which time the reserve will
be deemed invalid. Special consideration, may be
given for short-term job transfers. |
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| Q: |
Can I purchase
a new home in any area? |
| A: |
Cagan Management
Group has a selection of the finest builders in
the area participating in S.M.A.R.T. You are offered
homes in many styles, price ranges and neighborhoods.
Since this program is made possible by the cooperation
of these fine builders, you must purchase a newly
constructed home from a participating builder to
qualify for your reserve credit. |
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| Q: |
What if I share
an apartment home with a roommate? |
| A: |
We offer a very generous
incentive to roommates. Each roommate who wishes
to participate can do so individually. As individual
enrollees, each qualified roommate can accrue full
reserves at the rate of 20% per month of the total
allowable rent up to 3% of the purchase price of
a qualified newly constructed home from a participating
builder. |
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| Q: |
Am I automatically
qualified to purchase a new home? |
| A: |
Just like any other
homebuyer, S.M.A.R.T. members must qualify for financing.
The participating homebuilders will help guide you
with the financing process. |
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| Q: |
Can I use my S.M.A.R.T. reserve for anything I want,
like paying bills? |
| A: |
As a buyer, you will
have the freedom to visit and deal directly with
any of the participating homebuilders' representatives
and their many communities. If you choose to use
a real estate agent or broker other than the one
provided by the participating Homebuilder you will
be responsible to pay any related fees. |
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| Q: |
Can I use my S.M.A.R.T.
reserve for anything I want, like paying bills? |
| A: |
Your S.M.A.R.T. reserve
can only be credit to you by the participating new
home builder at closing in the form of closing costs,
points, upgrades or allowable concessions. It cannot
be used for anything outside the "Purchase
of Sale" agreement that you sign when you purchase
a newly constructed home. |
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| Q: |
How do I go about
purchasing a new home when ready? |
| A: |
Simply call or visit
the communities you have selected from the participating
builders list. Be sure to identify yourself as a
member of S.M.A.R.T. and present the builder's agent with
your S.M.A.R.T. card. The agent will be happy to answer
any questions you may have regarding their homes
and community. Typically, one or more model homes
are available for you to tour. |
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| Q: |
Once I have found
a home to purchase, what do I need to do? |
| A: |
In some cases, the
builders' agent may sit down with you to prepare
the purchase and sale agreement and have you leave
a deposit to get the process started. The builders'
agent will contact our office to verify your eligibility
in the program and the amount in your reserve. |
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| Q: |
Will I pay more
rent than residents who choose not to participate? |
| A: |
S.M.A.R.T. members pay
a small $45 administrative fee. This is the ONLY
cost. You will pay the same market rent as non-participating
residents. |
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| Q: |
How many homebuilders
will participate in S.M.A.R.T.? |
| A: |
The S.M.A.R.T. is limited
to 5-7 new homebuilders per market. The homebuilders
have been selected based on quality, the variety
of locations, and the wide range of home prices
offered. |
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| Q: |
Will a leasing
consultant help me choose a new homebuilder? |
| A: |
S.M.A.R.T. representatives
will not give out specifics about homebuilders,
their products, or any financing/lender related
questions. Detailed questions
should be directed to the homebuilders' sales agent
and/or the Lender/Title Company. |
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| Q: |
How does this
program relate to my apartment lease agreement? |
| A: |
This program is subject
to all terms and conditions of your lease agreement.
The program may or may not run concurrent with your
lease term. |
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| Q: |
How do I become
a member of the Save Money and Rent Too program? |
| A: |
Enrollment in S.M.A.R.T. will take five minutes. Simply
fill out an application for enrollment and return
it with our $45 registration fee. Your S.M.A.R.T. card
will be sent to you after your application is
processed.
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|
List of Participating Builders |
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