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Term |
description |
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Phase |
A group of homesite's within a community. Most homebuilders sell all the lots within the current phase before moving on to the next phase of the community. The benefit to the home buyer is that construction activity is focused in one small area at a time. When you move in to your new home, most of the construction for neighboring homes will already be complete. Builders "release" a new phase when the current phase is almost sold out. This means that there is now a completely new selection of lots available for purchase. |
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Punch List |
A written list of items which need to be fixed, repaired or replaced prior to the final walk-through. |
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Reservation |
A non-binding agreement to purchase a home at a future date. Often, a reservation is taken for a specific lot in an upcoming phase, giving the buyer the first opportunity to purchase that lot when the phase is released. A reservation requires a deposit. |
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Standard Feature |
A specific item that is automatically included when you purchase a new home. Standard features may include a specific style of cabinets, or a specific type of countertops. |
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Walk-Through |
A buyer's final inspection of a newly built home prior to move-in. At Eastwood Homes, the walk-through includes an orientation with instructions on how to maintain certain items in the new home, as well as a review of the 10-year limited warranty coverage. |
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Warranty |
A plan to fix or repair specific items of your home according to the warranty terms. At Eastwood Homes, we offer a 10-year limited warranty that includes a 10-year structural warranty; a two-year warranty on electrical components, heating or cooling systems, and plumbing; and a one-year warranty for all other components of the home. All elements of the warranty are reviewed with the homeowner at the time of the walk-through. |
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