Participating in The Lottery
LOTTERY RESULTS: A pdf with the Lottery Results and Waitlist can be found at the attached link.
Anyone interested in participating in the Chamonix Vail lottery will need to complete each of the following steps. Once you have supplied all the following information to the Town of Vail, you will receive email confirmation that you are eligible to participate in the lottery. We are asking all lottery participants to complete Steps 1, 2, 4 and 5 below by no later than March 17, 2017 at 5pm.
Sign up to receive information about the Chamonix Vail Lottery. We will use this list to communicate news about the lottery as well as any new information that is added to this website.
Complete Home Buyer Questionnaire. Once you sign up to receive information about the Chamonix Vail Lottery, an online Home Buyer Questionnaire will be sent to the email address provided. By completing this form, you will indicate to the Town your interest in participating in the lottery.
Written acknowledgement that you have reviewed and agree to the terms of the Chamonix Vail Reservation Agreement, Purchase and Sale Agreement, Home Owner Association Documents and you intend to meet the terms of the Chamonix Vail Deed Restriction upon closing. Your acknowledgment and acceptance will be incorporated into the Chamonix Vail Reservation Agreement. If your name is drawn in the lottery, and you decide to reserve a home for purchase, you will be required to sign the Reservation Agreement within five days of the lottery. THE LATEST VERSION OF THE CHAMONIX LEGAL DOCUMENTS AS OF 9.18.2017 HAVE BEEN UPLOADED BELOW:
- Chamonix Deed Restriction
- Chamonix Employee Housing Guidelines
- Chamonix Purchase Agreement
- HOA Declaration
- HOA Reserve Study
Confirmation that you have completed a Homebuyer Education Class. The Town of Vail, in conjunction with Valley Home Store, is hosting several Home Buyer Education classes for lottery participants. Each lottery participant - including both applicants in a joint application - is required to attend one of these classes and receive a Certificate at the end of the class. The classes will be offered on the following days:
- Saturday February 11, 2017 from 3:30 to 5:30pm at the Vail Library
- Saturday February 25, 2017 from 3:30 to 5:30pm at the Vail Library
- Tuesday February 28, 2017 from 9:30 to 11:30am at the Vail Town Council Chambers
- Saturday March 11, 2017 from 3:30 to 5:30pm at the Vail Library
- Monday March 13, 2017 from 9:30 to 11:30am at the Vail Town Council Chambers
- Thursday March 16, 2017 from 5:30 to 7:30pm at the Vail Town Council Chambers
Submit a Loan Prequalification Letter from a recognized lender or mortgage broker that includes the maximum home purchase price for which you intend to qualify. Please see the FAQ section of the website for a list of lenders familiar with Chamonix Vail who would be happy to assist you with applying for a mortgage.
Attend the lottery in person on May 3, 2017 at Donovan Pavilion. You must check in by 6pm on the day of the lottery doors open at 5pm. The lottery winners that night will be asked to select a home and sign a Reservation Agreement. If you cannot be there in person, you may formally authorize someone to act on your behalf (you will need to coordinate this 3rd party authorization with the Town representatives prior to lottery).
Winning the LotteryEach of the winning home buyers in the lottery will be asked to complete the following steps once they have been chosen to purchase a home in Chamonix Vail.
If your name is chosen at random in the lottery, you will be asked to immediately select a home that you intend to reserve and purchase. The home selected will need to be within the price range approved in your Loan Prequalification Letter. If you (or your representative) are not in attendance when your name is drawn, the lottery will move on to the next person selected.
Execute a Chamonix Vail Reservation Agreement for your chosen home. This Reservation Agreement will require the home buyer to deliver the signed Agreement along with a non-refundable $1000 reservation fee to the Town on the night of the lottery or within five calendar days of winning the lottery. This money will be used to cover the costs of processing your application, running a credit check, and confirming that the buyer meets the requirements of the Chamonix Vail Deed Restriction.
Sign a Purchase Agreement for your chosen home. This agreement outlines all legal details for purchasing the home and will require an additional non-refundable earnest money deposit of 1% of the purchase price of the home. A second earnest money deposit of 0.5% of the purchase price will be collected approximately 90 days out from home completion.
Upon construction completion of your home, we will schedule closing with a local title company. This is when the balance of the home purchase price is due - including any mortgage that you plan to take out. Prior to this closing, the Town will again confirm that each home buyer meets the terms of the Chamonix Vail Deed Restriction. This includes the requirement that Chamonix Vail will be your permanent place of residence, that one home buyer works 30 hours per week in Eagle County, and you do not own any other residential real estate in Eagle County.