The first step is to obtain a Financial Approval Letter from your Mortgage Broker or Lender and then complete the Financial Review & Consent form, FINTRAC form, Potential Client Referral form, and provide Photo ID.
Yes, in some circumstances a lot reservation is possible. The length of the reservation varies but is commonly 20 to 60 days.
Yes, the Builder cooperates and pays Realtors. A Realtor needs to complete the Builder’s Potential Client Referral Form and submit it to the Builder. The form is available on the Builder’s website.
A deposit of $60,000 is required to purchase Townhome. This is a onetime deposit and the remainder of the funds owed are paid on the closing date.
A deposit of $75,000 is required to build a new home.
Deposits given with a reservation and/or a conditional agreement of purchase and sale are refundable. Once an agreement is firm the deposit is nonrefundable.
No, payments to the Builder are made by bank drafts. Bank drafts payable to: Performance Communities Inc.
The Sales, Selections, and Closing document outlines these steps.
The Builder does not determine how much property tax the Purchaser will pay. This question is best answered by the Purchaser’s lawyer. The Municipal Property Assessment Corporation (MPAC) assess the property and determines the value of the property. This value, called the ‘assessed value’, is the number that will be used by the Municipality to determine the property tax. As of March 1, 2020 an approximate property tax rate in the City of St.Thomas and the Town of Tillsonburg is 1.6%. If a property is assessed at $300,000 then the approximate property tax is $300,000 X 1.6% = $4,800.
The other fees the Purchaser pays are the Purchaser’s legal fees and the Provincial land transfer tax.
Yes, The Purchaser receives substantial warranty protection as set out by the Tarion Warranty Program (in accordance with the Ontario New Home Warranty Act). Under the plan, the Builder warrants that the house will be free of defects in workmanship and materials for a period of one year. There is a two-year warranty with respect to electrical, plumbing, heating systems, cladding, caulking, windows, and doors, and the building envelope (all parts of the structure that contain the living space is free of water penetration). The Builder warrants for two years that the basement remains free of water penetration through the foundation. The Purchaser is protected for seven years against major structural defects with the Tarion Warranty Program.
A PDI is a Pre-Delivery Inspection of the house prior to the closing date. The Purchaser attends the PDI with the Builder’s Service Manager. The Builder will contact the Purchaser to arrange a PDI.
At the PDI the Purchaser and Service Manager agree on a time the keys will be delivered on the closing date.
Yes, the Development charge is included in the price of the Townhome and single-family home.
A mortgage is a type of loan often used to buy a home or other property. A mortgage allows the lender to take possession of the property if you don't repay the loan on time. The property is the security for the loan. Normally, a mortgage is a large loan and is paid off over many years. When a Purchaser gets a mortgage loan, the Purchaser is called the mortgagor. The lender is called the mortgagee. Under a mortgage, the Purchaser is responsible for making regular payments to the lender. The payments cover the interest on the loan plus part of the principal (the amount of the loan). Payments may also include property taxes, insurance and similar charges.
A mortgage calculator is a tool that asks the Purchaser questions about their financial position and then estimates what size of mortgage the Purchaser might qualify for. Many bank websites have a mortgage calculator and one is also at this website: www.getwhatyouwant.ca/mortgage-calculators
Before a Purchaser begins looking at houses they can talk to a financial institution about a pre-approval mortgage. Pre-approval means a mortgage lender sees how much a Purchaser is qualified to borrow and at what interest rate. The pre-approval is commonly used to determine the approximate price range the Purchaser should buy within.
The agreement of purchase and sale (also called the ‘agreement’) is the document that states the responsibilities the Purchaser and the Builder each have to complete the transaction. The agreement states the closing date of the transaction. The agreement is signed after the Purchaser has selected the lot, the house, and the upgrades and worked with the Sales Representative on a quotation that shows the price of the house. The closing date is the day the Purchaser pays the Builder and the keys are delivered to the Purchaser.
A conditional agreement states events that must happen prior to the agreement being binding and firm. Typically, an agreement is conditional upon the Purchaser securing financing or the Purchaser’s lawyer reviewing the agreement to ensure the terms in the agreement are accurate.
The length of time to build a house varies depending on the complexity of the house and when building permits are available. Typically, the build time is between 200 & 300 days. The Builder has never missed a closing date.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. The Centre assists in the detection, prevention and deterrence of money laundering and the financing of illegal activities. FINTRAC's financial intelligence and compliance functions contribute to the safety of Canadians and the protection of the integrity of Canada's financial system.
Yes, the hot water tank is provided on a rental contract. The hot water tank can be purchased.
No, the Builder does not permit assignment clauses in the agreement.
The Builder does own rental properties however they are frequently all rented. Ask to speak to the Builder’s Rental Manager to see if a unit is available to rent during the build time.
The items included in the base price of the home are listed on the Base Price sheet and are available on the website – located within the information for a specific model.
The Presentation Centres are listed on the website along with the contact information. The Presentation Centres are typically open Tuesday to Friday from 12 to 5 p.m. and Saturdays from 12 to 4 p.m. It’s recommended to call ahead to confirm the Presentation Centre is open and / or set an appointment.
A Realtor is not required to purchase a new home but a lawyer is required. If a Purchaser has a Realtor the Builder pays a commission to the Realtor (the Potential Client Referral Form has to be completed).
A dishwasher and Over the Range (OTR) Microwave are included in the price of a Townhome. The Purchaser supplies the washing machine, dryer, stove, and fridge. The Builder does not supply and install these units.
No, the Builder must supply and install all items in the house during the build process.
No, the Purchaser isn’t allowed to work on the house during the construction process.
No, the Builder will not sell just the lot.
A Quick Possession Home is a house that the Builder has selected all the features and finishes for and has begun to build prior to a Purchaser buying the house. A list of available QPHs is shown on the Builder’s website.
A deposit of $35,000 is required if the total purchase price is under $500,000 and a deposit of $50,000 is required if the total purchase price is over $500,001. In some circumstances, typically when the house is finished, the deposit amount is reduced to $10,000. Ask a Sales Representative for details.
The final price of the house is compromised of the lot price, house price, upgrades, changes made during the selections process, and typical real estate adjustments (e.g. utilities, property tax, etc). To determine the final price the Purchaser directs their lawyer to contact the Builder’s lawyer. Once this contact between lawyers is established the Builder’s lawyer starts collecting the information needed to determine the final price. The final price takes into account lawyer fees, land transfer fees, property tax adjustments, etc. The process of the Purchaser’s lawyer communicating with the Builder’s lawyer is followed because this ensures both lawyers know all the communication that has taken place in regard to the final price.
The single-family house price list states the width of the house (e.g. 39’ wide). A general principle is add 8’ to the width of the house and that’s the width of lot that’s required for the house. For example: A 39’ wide house needs a 47’ wide lot. Other factors have to be taken into account to determine if a house fits on a lot. For example: Does the house meet the coverage requirements of the lot (only so much of the house can ‘cover’ the lot). The shape of the lot also influences whether or not a house fits on a lot. For example: A ‘pie-shaped’ lot may only be 28’ wide at the very front of the lot but further back on the lot the width of the lot will be very wide and therefore fit many sizes of houses. The sales representative can confirm if the house fits on the lot.
No, the Builder does not permit any changes to a Townhome plan.
Yes, once a lot is reserved and a deposit is given the Purchaser can work with the sales representative to request some minor changes to the house plan. Not all changes are possible or permitted.
Yes, ask a sales representative for the contact information for the person who manages custom homes.
Yes, ask a sales representative for the contact information for the person who manages renovations.
An easement is the right to cross or otherwise use another’s land for a specified purpose. Central to the concept of an easement is that they are a right of use, not ownership. For example, property may have an easement over neighbouring property (such as in the case of a Townhome) to allow access to the backyard. An easement may also protect buried infrastructure which has been installed on a portion of the property (for example a drainage pipe or communication cables). An easement gives legal access to Municipal officials to enter onto the property for the purposes of inspection and/or maintenance. Sheds, pools, decks, fencing or any means of blocking or altering an easement is not permitted.
A swale is a sloped parcel of land designed to direct water to a specific area. This prevents puddles or bodies of water from forming on properties. Blocking or altering a swale in any way is not permitted. Every lot has a swale located somewhere on the property. The severity and location of the swale is shown on the master grading and drainage plan for the community.
If a change is permitted the change is documented on a Change Order and signed by the Builder & Purchaser.
The Builder’s building process ensures quality standards are met, the requirements of the Ontario Building Code & local building rules are met, the jobsite is safe, and the house is completed by the closing date. To achieve these objectives selections for the house are completed within the timeframe provided and all products are selected at the Builder’s suppliers from the approved list of products. Items supplied by the Builder are under warranty and meet the required safety requirements.
After the agreement is firm the Builder provides the Purchaser with a Homeowner Binder that explains the homebuilding process, provides other important information, and provides a place to file documents.
The Purchaser contacts each utility provider and sets up an account. In the Homeowner Binder there is a page that lists out all the utility provider’s along with their contact information.