2. Purchasing Your Home
Several standard forms are used when you buy your new home. These include the Purchase Agreement (Sales Contract) and several addenda. All forms and attachments must be signed by all parties before the Purchase Agreement becomes legally binding.
The Purchase Agreement is the legal document which represents your decision to purchase a home. It describes your home’s legal description and the lot number, financing information, Homeowners Association information (if applicable), and additional legal provisions. Several exhibits are typically attached to the Purchase Agreement. Specific items are determined by the features of the community, but the list below is typical.
Detailed below are the standard addenda to Lichty Brothers Homes’ sales contracts. Additional addenda may be included as buyer or seller situations dictate.
Exhibit A: New Construction lists the buyer and seller rights, Association fees, and construction allowances made. In the case of conflicting items, information found in this addendum overrides all other items in the sales contract.
Exhibit B: Earnest Money Held by Seller outlines the terms, amount, and usage of all earnest moneys provided by the buyer to the seller.
Exhibit C: Exhibit to Agreement addresses critical items related to the construction of a new home that the seller has determined through experience to be common areas of contention between the seller and the buyer. When in conflict with any other provision provided by Lichty Brothers Homes, this Exhibit will take precedence.
Exhibit D: Seller’s Property Disclosure Statement outlines to the buyer all known materials or adverse facts relating to the physical condition of the home that are not readily observed and to identify those fixtures/items that are included with the sale of the property.
Exhibit E: Specifications details the materials that are or where used in the construction of the home’s structure, major systems, and internal fixtures. Allowances are also detailed, but are subordinate to Exhibit A.
Community specific documents and disclosures
Buyer’s Checklist confirms we remembered everything, including but not limited to the following information:
____ Sales Contract/Purchase Agreement
____ Plans (custom homes only)
____ Construction Budget (custom homes only)
____ Selection Guide
____ limited warranty
____ Homeowner Association documents, if applicable
____ Initial deposit $
____ Draw procedures (custom homes only)
____ Payment schedule (custom homes only)
____ Site visits
____ Construction meetings
____ Lichty Brothers Homes preferred contact
Monday through Friday 8 a.m. to 4 p.m.
____ Buyers’ preferred contact
Monday through Friday Phone__________________
____ Change order procedure
____ Delivery date target
____ limited warranty standard checkpoints (60 day, 11 month) and emergency
You may download a printable copy of the Buyer’s Checklist here. (17kb PDF)