Why rent… when you can buy?

Steps to Buying a New Home at Bancroft Village

1
Mortgage Application – Prior to signing the contract it is necessary to apply for a mortgage and become pre-qualified.
2
Contract– An earnest money deposit of $5,000 is required at time of contract. This deposit will be applied to your funds needed at settlement. This deposit will be non-refundable and should be made payable to Bancroft Village Escrow Account.
3
Design options – Addendum B for Design Options must be filled in and signed within 15 days of contract signing. A deposit of 50% of the price of any upgrade options is due within 7 days of signing Addendum B.
4
Additional Deposit – $5,000 due when construction of home begins or 30 days after contract signing if home is already under construction. Total deposit of $10,000 (not including any additional deposit for upgrades and options) that will be non-refundable and applied to your funds needed at settlement.
5
Commitment Letter – A commitment letter from a financing source will be necessary within 60 days of contract signing.
6
Completion of Construction Process – Once you have completed your final selections and you have been approved by your lender, we will initiate the completion of your home. No changes can be made to your home from this point forward.
7
Plan Review – Upon receiving plans, you will meet with the construction supervisor to review plans of your new home.
8
Pre-Drywall Inspection – Depending on what stage your home is in at time of contract, you may be able to meet with construction to inspect your new home before drywall is installed.
9
Walk Through Orientation – About a week before settlement, you will walk through your home with our construction supervisor for a final inspection.
10
Settlement – A date and time will be arranged for settlement. At this time all paperwork is finalized and the balance of payment is due. You will be given the keys and can move into your new home!