Cousins Unveils Buyers Assurance Program for 10 Terminus Place

10 Terminus Place

Normally I don’t post twice in one day, but this was just too good to keep to myself. I attended a Cousins function today at the huge penthouse I featured a week ago in my penthouse series. There was a large number of agents and interested parties in attendance and the news Cousins CEO Tom Bell gave was music to my ears. Finally we are seeing someone stand behind their product to give buyers the piece of mind they need and deserve.

I can’t tell you the number of clients asking me why developers are not offering any type of buyers protection, especially in today’s market. Now we have it. Cousins is taking the risk out of buying for the first 25 purchasers at 10 Terminus Place.

Cousins owns 10 Terminus Place free and clear, so they are able and willing to guarantee the equity in a buyer’s condo for the first three years of ownership. I do not know of any condo building in Atlanta that is offering this type of assurance to it’s purchasers and I have asked for this in many contracts. Additionally, I don’t know any developer that owns their condo building without any outstanding construction loans.

Here’s how the Cousins Assurance Program works: 

  • Because Cousins owns 10 Terminus free and clear, the company will guarantee the equity in a buyer’s condo for the first three years of ownership
  • While banks require down payments of more than 20 percent on jumbo loans, Cousins will finance the condo with an initial 5 percent down payment 
  • While banks offer interest rates between 6 percent and 7 percent, Cousins will finance the condo for a 4 percent interest rate
  • Because it’s difficult to sell homes, Cousins will offer homeowners the opportunity to move in immediately with 20 percent down and no payments for a year while they sell their current homes. 
  • If your home appraises for less than the purchase price after 3 years, Cousins will refund your equity.

Cousins Properties is the first developer in the U.S. to guarantee a condo buyer’s equity for three years while providing a financing option with a low down payment and a low interest rate. While it has become commonplace for developers to place a block of unsold condos up for auction or to drastically reduce prices, Cousins has resisted both approaches – which bring down the overall value of the condominium. 

“Simply discounting the product doesn’t help,” Bell said. “If you discount 15 percent, the buyer will wait for you to discount 30 percent. Some buyers are trying to time the bottom of the market and I don’t want to chase that ball downhill. We believe in the quality of 10 Terminus and have resisted lowering its market value.” 

The Cousins Assurance Program is an innovate approach that differs significantly from lease-to-own programs. With the Cousins Assurance Program, buyers enjoy the full tax benefits of owning their homes from the start. And buyers can leave the condo in the first three years without facing foreclosure and negatively impacting their credit reports. 

To better understand how the program works, buyers are encouraged to visit to learn about the program details and use an online calculator that compares the Cousins Assurance Program to conventional mortgage financing options. If you are renting somewhere, you can also compare your rent to purchasing at Terminus.

There is more information to share, so if you are considering Terminus, please call me and I can go over the fine details with you.

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  1. says: Kevin Grieco

    It’s great news and much needed news. Other projects aren’t willing to bend at all, nor are they willing to put their money where their mouth is. Terminus was already a solid purchase in my eyes. This is just icing on the cake. Yes, there are still a lot of unknowns, but just to have the option to walk away without damaging your credit is worthwhile to consider.

  2. says: Chris

    good to be back in georgia and this news by cousins is music to by hears, novare group are you listening?!?!?

  3. says: Jobe

    From what I understand, they keep your down payment if you move out. So yes, it won’t hurt your credit, but you’d be forced to walk away from a lot of money. 20% of, what, $350 sq/ft? Ouch. Not sure what makes this compelling or unique.

  4. says: Kevin Grieco

    Rather than face foreclosure or bankruptcy, you have the option to walk without damaging your credit. Even if you have to eat your down payment, it’s better than 7 years of bad credit. But if you decide to stay and the home appraises for less than your purchase price after three years, they will refund a portion of your money.

  5. says: Jobe

    Yeah, I hear you on that, but what’s frustrating is that if someone thinks they may need to walk away from it within 3 years (knowing full well the likelyhood of them reselling it is going to be a challenge), they shouldn’t buy it to start with. Maybe that person should be looking to rent instead. Or maybe Cousins should really go out on a limb and offer to refund 15% of that 20% down. They can use the 5% to bring the home back to “like new” condition. I do give them credit for trying something unique and putting a spin to it that gets attention. Hope it works. This entire market needs sales.

  6. says: Chris

    I say it’s certainly better than what other developers are offering, which last I checked is…nothing. Plus, 10 terminus place is a great building in a superb location. Obviously no one can predict the future, but Cousins must feel very confident about their product and its location to even offer such a deal.

  7. says: Kevin Grieco

    Jobe, anyone who has a doubt about purchasing a home shouldn’t purchase period. Developers would never refund 3/4 of the purchasers down payment, they would be out of business! Real estate is like the stock market, it’s a risk. You don’t know if it’s going to pay off in the end – there are no guarantees. That’s why I always tell my clients think long term, buy what you love and plan on staying there for a while.

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