Wednesday, March 20, 2013

Understanding Our Purchase Agreement

So, we did it.  We began the process to sign the next 30 years of our life over to our new home.  Now to re-read the documents.  I'm definitely not the smartest person in the world, but this is what I've read more or less on our agreement.  I've left out A LOT of the information in these documents for the sake of space and lack of just repeating the legal mumbojumbo.  Please feel free to skip this post.  I just wanted to share my first experience with these types of documents.  Plus, someone might be interested in what types of things they will be agreeing to and signing off on.

Change Order Policy
  • We've agreed that we can not make any structural or optional changes after 05-APR-13
  • We've agreed that we can not make any changes to our wiring or flooring selections after 19-APR-13
Consolidated Acknowledgement
  • We've agreed that common areas in our community may not be fully installed at the time of our settlement
  • We've been informed that our driveway, parking pad, and garage may not accommodate all vehicle sizes
  • We've agreed that natural materials used in the building may have natural imperfections and likely will be non-uniform
  • We've agreed that NVR is not responsible for seasonal conditions or the result of those conditions
Mortgage Interest Rate Lock-In Acknowledgement
  • We've agreed that the locking in our interest rate before drywall installation may increase the change the interest rate will change prior to settlement
  • We've agreed that NVR has no obligation in regards to interest rate to be paid
Ohio Purchase Agreement
  • We've agreed to our lot, in our subdivision, in our city, with out selected floor plan and model number.
  • We've agreed to the purchase amount and deposit amount
  • We've agreed that after the issuance and acceptance of the loan approval we will continue to work in good faith with our lender to insure that the loan approval does not lapse or terminate
  • We've agreed the to limited warranty
  • We've agreed to the Right to cure (special requirements before we file a lawsuit or any arbitration proceedings for defective construction)
  • We've agreed that if we experience beyond reason delays settlement will be extended
  • We've agreed to purchaser and seller inspection of the property prior to settlement
  • We've agreed that we may schedule a private home inspection with 48 hours prior to the per-settlement
  • We've agreed that the seller can enter the exterior property for the purpose of making changes to the lot or adjacent lots
  • We've agreed to an escape clause if something ground problems arise before building
  • We've agreed to the sellers right to make changes/substitutes at a same or better quality item in the event the material isn't available
  • We've agreed to the adjacent land usage rules
  • We've agreed to a settlement and delivery on or about July/August 2013
  • We've agreed to the discounts offered
  • We've agreed to the title, claims, disputes, contingencies, natural occurrences, and energy efficiencies
  • We've agreed that oral statements or promises are not enforceable under law
  • We've agreed to the insulation standards listed
  • We've agreed that the surrounding community and school information can be changed and Ryan can't be held liable for it
Residence Type Addendum To Purchase Agreement
  • We've acknowledged that this is going to be our principal residence
  • We've agreed that if we fail to obtain finciancing that we could lose our Good Faith Deposit
Upgraded Options Addendum To Purchase Agreement
  • We've agreed that our home may not appraise for the purchase price
  • We've agreed that we may be required to pay any difference between the purchase price and appraised amount
Closing Costs Addendum To Purchase Agreement
  • We've agreed to the purchase price set by the master selection sheet and closing costs
FHA/VA Addendum To Purchase
  • We're are obtaining a FHA insured mortgage
  • We have agreed to pay with all the costs and charges in connection with this loan
  • We've agreed that notwithstanding any other provisions of this contract we are not obligated to complete the purchase of the property described among other legal mumbojumbo
Ohio Addendum To Purchase
  • We've agreed to the Home Owners Association
Affiliated Business Arrangement Disclosure
  • We've agreed to NVR possible fees and charges

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