Costs, in addition to the purchase price of the home, such as legal fees, transfer fees, utilities, interest adjustments, taxes and disbursements, that are payable on the closing date.
The contractual date on which the sale of a property becomes final and the new owner takes possession.
Occurs a few days before or the same day as your Occupancy (Possession) Inspection, and addresses the following issues: confirmation that all documents are executed; confirmation that the closing statement is in order; receipt of funds for final closing balance; final questions answered and details clarified; authorization to release keys.
Written notification from the mortgage lender to the borrower that approves the advancement of a specified amount of mortgage funds under specified conditions.
An inspection and a written report to be completed by the Program to assist in settling disputes between a builder and a homeowner or purchaser, usually initiated by a formal request in writing.
A Purchase Agreement that is subject to specified conditions, for example, the arranging of a mortgage. There is usually a stipulated time limit within which the specified conditions must be met.
An Agreement used if the Builder is contracted for the construction of a new home on land already owned by the Purchaser. It differs from the Purchase Agreement in that it includes clauses that cover access by both the Builder and Purchaser to the construction site on the property to which the Purchaser already holds title.
Enables you to make your own selection of such items as lighting fixtures, floor coverings, plumbing fixtures or appliances. Identifies exactly what is covered by each allowance and may include the dollar value allocated.
An outline of construction activities which guides sub-trades and suppliers in planning and coordinating their activities throughout the four main stages of construction: excavation and foundation; framing to lock up; drywall; finishing stages 1 & 2.