Page 13 - KHovanian Homes - Pathway to Homeownership

Section 2 | Purchasing Your New Home PURCHASE AGREEMENT Don’t let the number of legal documents scare you! Included in the Purchase Agreement along with several related addenda are your terms and conditions— and any associated addenda attached thereto—the Summary of Basic Provisions, and the Amendments to Purchase Agreement—once your design choices are complete. They have been thoroughly reviewed and comply with all state real estate laws, but we always encourage buyers to have these documents reviewed by an attorney to assist you in preparation for closing. ESTIMATED CLOSING DATE At the time of contract, you should receive an estimated closing date. For construction-to-permanent loans, it is used to project a thirty (30) day period within which we expect to complete and settle your new home. For End Loans, your estimated closing date can be anywhere from 30 days to 5 months after you sign your purchase agreement, depending on the stage of construction. As your new home progresses, we will provide you with updates and/or delays that may affect your closing date. Please note, if you choose a Construction-to-Permanent loan, you should close on your property approximately two months after the contract date, and you should close on your home 4-5 months after signing your purchase agreement. MILESTONES Now that you have signed a Purchase Agreement for your new home, you should be aware that there are several items that will require your immediate attention: • Structural Selections Home Release Date: __________________________ The date by which all home specific Structural Selections must be complete. • Mortgage Contingency Date: __________________________ The date by which you will need a written Mortgage Commitment. • Additional Deposit(s) Please refer to your earnest deposit schedule. The date by which the balance of your deposit is due. • Designer selections Release Date: ___________________ The latest date to complete your Decorator Selections. Building Your Home K. Hovnanian® Homes is dedicated to delivering your home on time as communicated to you throughout the process. It is essential that you complete the milestones above on time, as recommended by your Sales Consultant and Design Consultant. Timely completion of these milestones will enable our construction team to begin production of your home and ultimately deliver your home on time. Edition July 2019 | 9