All commissions paid to real estate agents will be paid by the developer and not the buyer.
You should check with your lending agency for down payment requirements. Typically a 20% down payment is required by your lender for a construction loan. The lender will typically lend 80% of the contract cost or appraisal.
Unless you are planning to use your existing home as an investment ( rental property ), you should plan to place your existing home on the market in anticipation of a 12 to a 15-month time frame for the design and construction of your home in Berry Ridge. Your real estate agent can be of great assistance in helping plan for a smooth transition from one home to another. Currently, existing homes sell quite rapidly in most markets.
If I'm involved in the design process with Legacy Builders, and the final product is outside my price range, do I lose my $5000 deposit?
The answer is No. The $5000 deposit is refundable at any time during the period of time you are working with Legacy Builders. There are no restrictions on the refund of the deposit.
Construction loans are a bit more complicated than traditional home mortgages. Instead of receiving funds is a single lump sum, the loan is paid in "draws" to the contractor based upon a percent of completion. The draws typically correspond to different phases of the construction process, such as framing, installing drywall, installing utilities, etc. The homebuyer pays interest to the lender on a monthly basis and rolls the construction loan into a permanent mortgage loan prior to completion of the construction.
Typically, at 60 days from completion of the home construction, the homeowner can lock in a permanent interest rate for a 15, 20, or 30-year mortgage.
Will there be covenants and restrictions on the individual lots? Will there be a Homeowners Association ( HOA)?
Yes. The new homeowner will be provided copies of the subdivision documents for review and consent prior to contracting for construction with Legacy Builders.
Ten to twelve months following the date of the footer inspection.
Everything, in your home, is completely custom and clients may select all of the items going into their homes.
No, your home will be completely custom-designed to fit your lifestyle, dreams, and budget.
Certainly, two types of fences will be allowed in this neighborhood for the back yards. One will be privacy and one will be black aluminum.