Just six steps and you’re home
Many buyers have questions about the process of purchasing and building a European Hillside Collection home with Celebrity Custom Homes. We hope this outline will help answer many of those questions. Rest assured, Celebrity is committed to helping customers every step of the way and ensuring that the Pradera purchase process is as smooth as possible.
Once you’ve decided to build a home on our currently available homesites in The Overlook, you’ll be asked for a $5,000 fully refundable deposit, which will add you to our Ready-to-Buy List. A three-hour preview meeting is optional. When a start date becomes available, you’ll be contacted by a Sales Representative and given the opportunity to move forward. If you’re ready to purchase at that time, you’ll execute the Preliminary Purchase Agreement. If not, we’ll move to the next homebuyer on the List. If you’re not ready to purchase, you may move to the bottom of the List and be contacted when future opportunities arise. Or opt to be removed from the List and your $5,000 deposit will be promptly refunded.
Preliminary Purchase Agreement
Once you’ve committed to building a home and a start date is available, it’s time to execute our Preliminary Purchase Agreement. You’ll select your plan, elevation style and homesite. An additional $5,000 deposit and a preliminary loan approval letter are required at this time to move forward. Once the Preliminary Purchase Agreement is executed, the entire $10,000 deposit becomes nonrefundable, and you’ll begin to secure your permanent home loan. This step reserves your Construction Start Position and begins your Selection Process.
During the Selection Process, you’ll work closely with your Construction Coordinator, who will take you through the process of choosing almost every detail – customizing your new home to your personal tastes. You’ll have approximately 35 business days to make the majority of your selections, including floorplan options, exterior colors, cabinets, appliances, plumbing fixtures, electrical additions, lighting fixtures and more. You get the idea – it’s a lot of decisions, but we have a great system to help you through the process. You’ll meet regularly with your Construction Coordinator, who’ll also be available via e-mail and by phone. Additionally, you’ll be given a USB drive of your new home selection options, so you can add or delete options to see how they affect your overall Purchase Price and Estimated Mortgage Payment. Once your Selection Process is complete, it’s time for the Purchase Agreement.
Note: Your actual interior surface selections, including tile, granite and carpet, will be chosen at the beginning of framing.
Once you’ve made all of your selections and your total Purchase Price has been determined, you’ll execute the actual Purchase Agreement. This step will occur a minimum of three weeks prior to the start of construction. It requires loan approval and a 10% non-refundable deposit. All deposits apply to your home and will be credited to your purchase at closing.
Using your Construction Start position, we’ll begin building your new home. It will take approximately seven months to complete construction. Throughout the building process, you’ll have scheduled walks of your home with your Construction Coordinator to make sure we’re getting everything just right. These walks will be scheduled after framing, before drywall, and a final walk approximately one week before closing.
The closing on your new home will be just like a closing on any other home. You’ll bring the remainder of the money owed to Celebrity Custom Homes and sign the closing paperwork, and we’ll give you the keys to your new home.
Purchasing with a Contingency
Celebrity Custom Homes will consider writing a contract contingent upon the sale of your existing home; however, there will be some modifications to the normal purchase process. We’ll follow the same process as detailed above through the Preliminary Purchase Agreement, but construction won’t actually begin until your contingency is removed. You’ll have approximately 18 months to remove your contingency. In order to cover administrative and carrying costs, your $10,000 deposit becomes nonrefundable as of the date your Preliminary Purchase Agreement is executed. Once your contingency is removed, you’ll be given the first available Construction Start Date. Your Purchase Price may be adjusted if your contingency stays in place for more than two months after the Preliminary Purchase Agreement is signed. If another customer chooses the homesite you’ve selected during the contingency phase, you’ll have 48 hours to remove your contingency or move to another site.
This is a brief outline of the European Hillside Collection purchase process by Celebrity Custom Homes at Pradera. Contact a Sales Representative for more details.