Sales, Selections and Closing Process
Print Sales, Selections and Closing Process
Step 1: Collection of Contact Info and Photo ID
- Complete Financial Review & Consent form
- Provide Finance Approval Letter.
- Complete FINTRAC form.
- Provide Photo ID.
- Complete Potential Client Referral form.
Step 2: Lot & House Plan Selection
- Select a lot – for more details about the lot see the Notes on the lot price sheet.
- Select a house plan from floor plan package.
- If a lot is 47’ wide, then subtract 8’ for the side yards - a 47’ wide lot accommodates a house that’s 39’ wide.
- Minor revisions to the floor plan can be discussed with the Sales Representative.
Step 3: Feature Selections
- Select features to include in the house.
- Features are listed on the “Optional Features & Selections Timeline” document.
- The Presentation Centres show most of the features the Builder offers.
Step 4: Quotation
- The Sales Representative prepares a quotation based on the lot, house, and features selected.
- Typically, it takes 20 to 40 days to select a lot, review the house plan, and prepare the quotations.
- It takes between 200 and 300 days to build a new home – an exact closing date will be in the agreement.
Step 5: Sign Agreement
- Once the quotation is complete an agreement can be prepared and signed.
- The deposit structure to start building is outlined on the Frequently Asked Questions document.
- Once the agreement is signed the Purchaser distributes the agreement to their lawyer, realtor, & lender.
Step 6: Remove Conditions (if applicable)
- Some agreements will have conditions (e.g. conditional on finance or lawyer review).
- To remove the conditions an amendment to the agreement that states the conditions are removed is signed.
- Once the conditions are removed the agreement is firm.
Step 7: Drawing Review
- The Builder draws the house plans based on the details in the agreement.
- The Sales Representative reviews the drawings to ensure the items selected are shown on the drawings.
- Once the review is complete a building permit is obtained & the home is enrolled in Tarion.
Step 8: Selections Process
- After the drawing review the Builder’s Design Consultant contacts the Purchaser to schedule the selections.
- The Purchaser works the Design Consultant to select flooring, paint, lights, bricks, cabinets, etc.
- The selections process consists of approximately 4 to 7 meetings in the London & St.Thomas area.
- The meetings typically are spread out over an approximate 2-month period.
- If the Purchaser fails to meet the selections timeline the Builder can take one of these actions …
- extend the closing date by the number of days of delay with the Purchaser being responsible for a
minimum payment of an additional Two Hundred Dollars ($200.00)/day for each day the closing
date is extended; or
- irrevocably make the selections for the Purchaser.
- Purchaser delivers a copy of their appliance specs to the Design Consultant (so opening sizes are known).
- An electrical plan review is completed by the Builder to determine the locations of lights, etc.
Step 9: Prepare for Moving Day
- Approximately 45 days prior to closing the Purchaser directs their lawyer to commence the closing process.
- The Purchaser’s & Builder’s lawyers work together to collect all the information need to close the transaction.
- The final price of the house is compromised of the lot price, house price, upgrades, changes made during the
selections process, lawyer fees, land transfer fees, property tax adjustments, etc.
- Once the final amount is known the Purchaser arranges to meet their lawyer to sign the necessary papers.
- Approximately 30 days prior to closing the Purchaser contacts each utility provider and sets up accounts.
Step 10: Pre-Delivery Inspection (PDI) and Closing Day
- Approximately 15 to 25 days prior to the closing the Builder will contact the Purchaser to arrange the PDI.
- At the PDI the Purchaser meets the Service Manager and inspects the house.
- Between he PDI and the closing date the Builder completes the deficiencies noted on the PDI list.
- At the PDI the Purchaser and the Service Manager arrange how the keys will be delivered on the closing date.
- Once the transaction has closed and the keys have been delivered the Purchaser can begin to move in!