Home Buyer Resources
Terminology and phrases utilized throughout the building process may not be familiar to you. We have listed common terms and phrases for your reference. If you require additional information or clarification, please contact your Area Manager, as they will be with you throughout the building process to answer any questions or concerns that you may have.
An overhang, where one floor extends beyond and over a foundation wall (e.G., at a fireplace location or bay window cantilever.) normally, not extending over 2 feet.
Costs in addition to the purchase price of the home, such as legal fees, transfer fees, utilities, interest adjustments, taxes, disbursements that are payable on the closing date.
The contractual date on which the sale of a property becomes final and the new owner takes possession.
Commitment Letter/mortgage Approval Letter
Written notification from the mortgage lender to the borrower approving the advancement of a specific amount of mortgage funds under specified conditions.
Conditional Offer/conditions Of Sale
A purchase agreement that is subject to specified conditions, such as, the arranging of a mortgage. There is usually a stipulated time period within which the conditions must be met.
Condominium (or Strata)
You own the unit you live in (e.G., high-rise, low-rise, or townhouse) and share ownership rights for the common areas of the building along with the development's other owners.
An outline of construction activity that guides sub-trades and suppliers in planning and coordinating their work throughout the four main stages of construction: excavation and foundation, framing to lock up, drywall and finishing.
A person responsible for overall construction of a home, including buying, scheduling, workmanship, and management of subcontractors and suppliers.
How attractive the home looks from the street. A home with good curb appeal will have attractive landscaping and a well-maintained exterior.
A meeting between the purchaser and the builder to review and confirm that work on your home is complete and satisfactory. It is also a period of orientation for your new home and its features. It may include detailed demonstrations of equipment as well as useful information on maintenance and upkeep.