Urban Squared Builders, LLC

 

 

 

 

 

 

 

URBAN SQUARED BUILDERS, LLC  

Home Buying Procedures

 

 

 

Congratulations on the purchase of your new Urban Squared Builders, LLC! If you can, read these procedures closely and follow them, it will greatly reduce miscommunications and help us give you the kind of service you deserve.

 

There are four groups of procedures described in this handout. Please focus on the first group during the first two weeks after you have signed your New Home Sales Agreement. The second group explains what you can expect during the construction process. The third group deals with what you will need to focus on the last two or three weeks prior to closing. The fourth group explains what you need to accomplish after closing.

 

Thank you in advance for your cooperation. We know that by working together, we can make your home buying experience a happy one.

 

DURING THE FIRST TWO WEEKS

AFTER SIGNING YOUR NEW HOME SALES AGREEMENT

 

 

 

STEP #1

 

 

After your New Home Sales Agreement has been executed by the appropriate Urban Squared Builders, LLC Representative (usually the next Monday after you signed the Sales Agreement), it is your responsibility to apply for your permanent financing within five (5) business days.  It is very important that you make every effort to obtain all the documents required by the lender in a timely manner so that they can begin to process your loan. Your permanent lender should supply you with a list of all the documents that will be required at your loan application. Extra diligence on your part to assemble all the required documents will greatly facilitate your ability to obtain your loan in a timely manner.

 

Throughout the loan process, and again just prior to closing on your new home, your lender will need to update your file and may require additional documentation from you. To avoid any delays in processing, please provide any and all documents required by your lender in a timely manner.

 

Because your credit status will be checked again just prior to closing, it is very important that any major credit purchases such as a new automobile, appliances, or home furnishings be cleared with your lender prior to making the purchase. Changes in your credit status or employment may have a serious impact on your ability to obtain final loan approval.

 

We realize that you are very busy so one of our requirements of our approved lenders is that they are very accommodating to your requests and needs, relative to after hour and weekend appointments for your loan application.

 

After you have made loan application, please contact your Sales Counselor and provide the following information:

 

 

Lender:                                                            Loan Officer:                                                                        

 

Address:                                                                                                               

 

 

Phone #:                                                          Fax #:                                                                        

STEP #2

 

 

It is very important that you make your custom selection with the decorator within (10) days from the effective date of your New Home Sales Agreement. If your home is an inventory home under construction, an Authorization To Decorate will have to be obtained by your Sales Counselor and provided to the decorator prior to your meeting with the decorator to make your selections. The Authorization To Decorate lets the decorator know which selections can still be made, based on the current stage of construction of your home. Although it may be immediately apparent from observing the home under construction, some selections, such as brick and cabinets, require several months of delivery time and they cannot be changed. Your selections made at the decorators are final and once made cannot be changed whatsoever.

 

A two-hour time slot will be reserved for you by the decorator to make your selections.  Any additional time with the decorator will be at your expense.  Please note that once made, your selections become final and cannot be changed whatsoever. Your Sales Counselor will give you a copy of the custom selections that can be made.

 

STEP #3

 

 

In addition to our extensive list of Custom Selections that you may make, there is a series of additional options and upgrades you may select from. These selections need to be made within ten (10) business days upon approval of your New Homes Sales Agreement. Your Sales Counselor will give you suggestions of options, upgrades, and their pricing. Once you have selected the options and upgrades that you desire, your Sales Counselor will write them on a Change Order form. All Change Orders must be completed prior to construction starting on your new home and must be paid for at the time of the Change Order.  There will be a

$250.00 administrative fee each time a Change Order form is completed.

 

On occasions one of your selections may not be available. This unavailability usually results from delivery dates that cannot be met or because the manufacturer has discontinued the item you selected. If this should occur, you will be required to return to the decorators to make another selection. We apologize in advance for any inconvenience this may cause you should this happen.

 

 

 

 

THE CONSTRUCTION PROCESS

 

Within 30 to 60 days after you have applied for permanent financing and completed your Custom Selections, construction on your new home should begin.

 

To reduce any miscommunications during the construction process we ask that you address any questions or concerns you may have with your Sales Counselor and not the Building Superintendent or Subcontractors.

 

It is normal during the construction process to experience periods of inactivity on your new home. These periods occur for an assortment of reasons, such as waiting for city inspections, backlogged subcontractors, awaiting delivery of materials, or from having to pull crews to go back to finish a job that was delayed for one reason or another. Your Sales Counselor has taken these delays into account when giving you estimated completion times.

 

On various occasions, depending on the construction stage your new home is in when you purchase it, you will be required to meet with your Building Superintendent. These meetings usually occur prior to the start of your new home, prior to sheetrock going in, and the very end of construction for a buyer orientation. At these meetings your Building Superintendent will discuss such matters as location of phone jacks, cable jacks, your custom selections, and any other options or upgrades you may have selected.

 

Up on completion of your new home, your Building Superintendent will meet with you to discuss the operating systems in your new home and to obtain your signature on the Affidavit of Completion. The Affidavit of Completion should be signed by you, the Buyer, prior to closing on your new home.

 

 

 

 

TWO OR THREE WEEKS PRIOR TO CLOSING

 

STEP #1

 

 

Choose your homeowner’s insurance agent.      Give them the name and phone number of your lender.  Provide the following information to your Sales Counselor and Lender.

 

Insurance Agency:                                                                                                   

 

Name of Agent:                                                                                                   

 

Agent’s Phone #:                                                                                                   

 

 

 

STEP #2

 

 

Your Sales Counselor will schedule your closing and inform you of the date and time. When you go to closing, bring a certified or cashier’s check with you, since a personal check will not be accepted. Please note that a tremendous amount of activity occurs between the time when your closing is set and when closing actually occurs. Delays often occur, and closing may have to be rescheduled. Allow for delays when planning your move-in date or scheduling time off from work. Your new home has to be finished and pass final inspections before electrical and gas meters can be placed in your home. Your lenders file has to be updated with the appraisers’ final report and the final loan amount approved. Then closing documents have to be drawn up and sent to the Title Company for closing. After closing, the documents you signed have to be sent off for review and funding has to occur. Once funding has occurred, you can pick up the keys to your new home from your Sales Counselor.

 

Unless otherwise stated on your New Home Sales Agreement, your closing will occur at the following location with: