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Frequently Asked Questions

BASICS

1. How do I purchase a townhome? And how do I purchase a boat slip?

Reach out to kate@marycheathamking.com or call 252.518.5222! At this time, boat slips are only available to townhome owners. As the project progresses, the developer may release additional slips for purchase by non-townhome owners.

2. How many townhomes and boat slips will there be upon completion of the development?

There will be 61 townhomes and 122 boat slips constructed total. *Note: there are currently 14 slips that are not offered for purchase (1-11 and 88-90). 

3. Who is involved with the development of Inlet Cove?

  • Engineer: The Cullipher Group, P.A.

  • Builder: MilCo Contracting

  • Listing Team: Mary Cheatham King Real Estate

  • Preferred Closing Attorney: John Harris (All deposits will be held in the White and Allen Trust Account with John Harris)

  • Management Company: Real Estate Plus

  • Lender: Robby Oakes Mortgage Team 

4. What is the deposit schedule for a townhome contract at Inlet Cove?

  • After the total purchase price is determined, factoring in the $31,000 elevator upgrade and/or $24,000 fourth bedroom upgrade (if applicable), the deposits will be based on this adjusted purchase price.

    • At the time of contract, 5% of the total purchase price is due in the form of a building deposit that will be made payable to White & Allen, P.A. then released to the seller. 

  • At 120 days into the contract period, an additional 5% of the total purchase price will be due as an earnest money deposit which will be held by White & Allen, P.A. and applied towards the remaining balance at time of closing.

  • Also at 120 days into the contract period, 40% of the total upgrade cost for the elevator and/or fourth bedroom will be due in the form of a building deposit made payable to the seller.

  • ​​The remaining balance of the purchase price is due at closing.

 

5. What is the estimated completion time for a townhome at Inlet Cove?

From the time of groundbreaking for each unit, estimates are 9-10 months for completion.

6. Does each owner get a storage unit in the storage unit area for no additional charge?

Storage units do not go with units. They will be for rent or possible sale.

 

TOWNHOMES

7. What upgrades are available?

At the time of contract, there are two available upgrades:

  1. A ground floor fourth bedroom with a closet and bathroom is available for $24,000.

  2. A four-stop elevator is available for $31,000.

  3. Additional opportunities to customize or upgrade will be available during your selection process with the builder.

8. If I don't choose the elevator upgrade, will I be able to install one at a later time if needed?

Absolutely. Every townhome will be built with an elevator shaft and whether or not you choose to use it is up to you. Down the road, this will make it easier to install an elevator if you decide you would like one.

9. What is the process for construction upgrades (not including the elevator and/or fourth bedroom upgrade options)? 

As a new buyer, you will update your personal buyer contact sheet and send it to the builders, who will then update it in their records. The builders will then send you an invite to the program, Builder Trend, where they manage all change orders and upgrades. The builders will email you a selection sheet with anything you would like to upgrade – you will request approval through Builder Trend. The builders will send a mass email to all townhome owners when they need you to make decisions on certain selections. As the construction process moves along, the builders will send out emails to give you a heads up on what the next selections will be. 

10. Are any townhomes in a flood zone?

Yes, lots 39-53. These lots will require flood insurance. It is estimated that the premium per unit will be approximately $1,500 annually, which will be the responsibility of the individual townhome owner.

11. Can I see a detailed site plan?

CLICK HERE to see the detailed site map/recorded plat.

12. I have a ton of fishing rods and tackle, along with towels and linens. Will there be ample storage?

In addition to private dock boxes, you will have an enclosed single-car garage and additional attic space to be used for additional storage. Should you choose the ground floor fourth bedroom upgrade, there will still be dedicated closet space on that level. Should you not choose the fourth bedroom upgrade, that space will still be heated and cooled and is ideal for storage. ​

13. I’d like to install a fence. Is that possible?

Max height 4’ black aluminum. If adjacent property owner wants to install a fence, the common property line fence will serve both units. CLICK HERE for a visual of the fence style.

14. Can I rent out my townhome?

Yes. There is a 7-day rental minimum.

15. What are the ceiling heights of each floor?

  • Garage level: 8'

  • Second floor: 9’

  • Third floor: 9'

  • Fourth floor: 8'

16. When will the pool/clubhouse be completed?

TBD.

17. Are golf carts permitted?

Golf carts are allowed but please note….golf carts are not allowed on US 70.

18. Will the entrance be gated? 

Yes.

19. What will be included in the appliance package?

Refrigerator, electric range with built-in microwave, dishwasher.

20. Will there be a capital reserve contribution due at closing?

Yes, a $2,000 capital contribution will be collected at closing to build up the association’s reserves. 

21. What is so special about the HVAC system that will be included in each townhome?

  • Mitsubishi HVAC System – the comfort system designed for Inlet Cove – utilizes both ducted and non-ducted equipment that is tied to one condenser.

  • There will be one outdoor unit and four indoor head units; one on each floor. Each head unit will have its own controls and will be Wi-Fi enabled/accessible from a smartphone app.

  • On average, Mitsubishi is 30-60% more efficient and have a life span of around 20 years (with proper maintenance). The efficiency ratings of Mitsubishi equipment starts at 18 SEER and go as high as 44.1 SEER.

  • These systems are truly variable and inverter driven.

  • For the end user, this means lower utility bills and more comfortable living spaces.

  • CLICK HERE TO LEARN MORE ABOUT HOW THE SYSTEM OPERATES

 

22. What kind of siding will be used on my townhome?

Each townhome will have LP® SmartSide® siding for both beauty and durability. To learn more about this product, CLICK HERE.

23. Are the windows hurricane rated?

The windows are DP 50. They are not impact. 

24. Will there be any privacy (such as louvres) between balconies?

There will be privacy screening between units made of a vinyl material.

25. Will there be a concrete patio on the ground floor (out back)?

There is no concrete deck on the bottom floor – it will be crafted from special treated lumber (same material as the walkways) and will be approximately 20’ x 10’.

BOAT SLIPS

26. Does a boat slip come with the purchase of a townhome? Can I buy just a boat slip?

At this time, boat slips are only available to townhome owners. As the project progresses, the developer may release additional slips for purchase by non-townhome owners.

27. Will the boat slips be deeded? 

Yes. The boat slips will be individually deeded and not tied to the townhomes.

28. Can I lease my slip once I buy it?

Owners may offer their slips for lease to third parties after all townhome units are complete. *Note: Developer may lease slips during construction.

29. When I reserve my boat slip, how much am I required to put down?

At the time of contract, a $10,000 deposit is due; no additional deposit will be required at this time.

30. Are all slip widths the same? 

They are not, this project offers a variety of slip sizes to accommodate different sized boats. 

31. What else should I know about purchasing a boat slip along with my townhome at Inlet Cove?
  • Marina is intended to be all lift slips unless there is an exception made by the seller. The lift is not included in the slip pricing. 

  • Slip pricing is not inclusive of lift or additional piling installation and related electric.

  • Slip contracts cannot be conveyed to third parties prior to closing (same with townhomes).

  • All lifts and improvements to slips will be performed by developer and components determined by developer. At the present time, the supplier is Tide Tamer.

  • Upon resale, slips are subject to a developer right of first refusal.

  • Lifts must be paid in full prior to installation.

32. How deep is the marina?

The average is 5-6 feet in depth with shallower water along the seawall. 

33. Will there be parking/storage for boat trailers?

Storage of boat trailers is not permitted on site.

34. Can I visit the site?

For everyone's safety, please contact kate@marycheathamking.com to make an appointment to visit the active construction site.

INSURANCE

At the time of closing, buyers will pay for the insurance for their townhome through the end of October 2023.  The amount they'll pay will be based on $3,000/townhome for the year and will depend on their closing date, as it will be prorated.  The first units closing will pay the full $3,000/townhome premium and those that close later will owe a lesser amount based on how many months of coverage they're receiving from their closing date to the renewal on

November 1, 2023.  

 

Every townhome will need an HO-6 policy for contents & upgrades and Lots 39-53, which are in a flood zone, will also need a separate flood policy.  Proof of these policies will be needed at closing.  It's not required to use Chalk & Gibbs, who is providing the master policy coverage, but that will likely be the easiest route.  Chelsea Miller with Chalk & Gibbs can be reached at chelsea@chalkandgibbs.com or at 252.725.0828.  

 

Instead of collecting towards the following year's premium on a monthly basis, owners will receive an invoice for the full premium for 2023/2024 coverage 30 days prior to the renewal on November 1, 2023.  Those lots in flood zones (39-53) will maintain their flood insurance separately each year. 

 

 

DUES

Regular dues for each townhome are $150/month plus $91/month for the master association dues. We originally projected collection towards the following year's insurance premium on a monthly basis, but have modified to simply invoice owners for the full amount 30 days before the premium is due. For those who will also be purchasing boat slips, slip dues will be established in the coming weeks.

 

Does Inlet Cove have a preferred lender?

Meet our preferred lender, Robby Oakes! Below are some details of what to expect:

  • Minimum of $3,000 credit toward closing costs (with a minimum loan size of $250,000)

  • Common costs that are offset: appraisal, attorney, title insurance, credit report, points.

  • Note: These charges will still show up on the closing statement along with the $3,000 credit which will offset them, reducing the amount due from a buyer.

  • Subject to credit approval. 

Questions?

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