Homebuying Process
Buying Your Home
Home Ownership Made Easy is more than just a slogan to the Kingston Homes family of employees. We realize purchasing a new home can be a confusing process, especially if you’re a first-time homebuyer. We strive to make the purchase of your new home as smooth and worry-free as possible. Use these resources below or contact us if you have any questions.
Homebuying Tips
The purchase of a home is an important one. A home is where you will live and make the memories of your life. It is important to take your time, plan, and organize your finances. The purchase of a new home is exciting and should be a fun experience.
Contact a preferred lender and get a Good Faith Estimate. Determine how much you can afford towards a mortgage loan each month.
Figure out where you want to live and research the area. Consider factors such as schools, churches, shopping, dining, hospitals, and proximity to work.
Prioritize what features of your new home are most important to you.
The wrong homebuilder can make for a terrible home-buying experience. Make sure your homebuilder is in good standing with the Better Business Bureau.
Don’t make any large purchases or take out any additional loans. Doing so may change your ability to qualify for the loan reflected in the Good Faith Estimate.
Create a timeline to avoid closing too early or too late. Plan when to pack, obtain your homeowner’s insurance, and set up utilities, cable, phone, etc.
Purchasing a new home is an exciting experience. Have fun with it!
Congratulations on the purchase of your new home. Kingston Homes is dedicated to building homes of exceptional quality and providing customers with unparalleled service. We take this commitment seriously.
At a glance, the process of purchasing a home may seem a bit overwhelming. We understand how much time, money and research you spend making decisions to personalize your home. Our goal is to partner with you every step of the way to ensure your overall comfort and satisfaction with your decisions.
The following guide provides an outline of the important steps that take place from the moment you sign your contract to the delivery of the keys to your new home. We look forward to guiding you through each step, answering your questions and diligently working with you until we are able to deliver your beautiful new home.
Your involvement throughout the entire process is integral to our ability to deliver your home to your satisfaction and we request that you follow the timelines enclosed.
Now, let us show you how our “Contract to Keys” commitment makes your choice in purchasing a Kingston Home a thoroughly rewarding experience from start to finish.
Our best to you and your family,
Chris Trlicek
President
The Purchasing Process
#1 - The Contract
Completed today
Your “Contract to Keys” experience begins when you select a floor plan and an elevation on the home site that best suits your needs.
We will finalize all Structural Options when you sign your Contract, so that we may submit the architectural drawings necessary for engineering and permitting as expediently as possible.
Structural Options:
-
Structural Options are pre-approved selections that modify the original floor plan design.
-
Examples of Structural Options include: garage options, exterior doors, optional rooms, fireplaces, bath, porch and balcony additions.
-
These choices will be documented on a Option addendum and the cost will be added to your original contract price. Structural Options do not require deposits.
-
All Structural Options are final once submitted with your contract.
#2 - Loan Application
Completed within three (3) business days
Making Loan Application
-
Your Contract requires you to make loan application within three (3) days from Contract date.
Once you have completed your loan application and supplied all of the necessary information, conditional loan approval will be delivered to you within five (5) business days.
Helpful Mortgage Tips
-
As stated in your contract, please provide all conditions and information satisfying your loan approval within 3 days of request from your lender.
-
Lender may require additional information throughout the building process.
-
Locking your interest rate is at your own risk.
Cash Purchases
-
If you plan to pay cash for your home, we require verification that funds are available to be submitted to your builder within three (3) days of signing your contract.
#3 - Exterior Color Selections
-
Exterior Color Selections include pre-approved choices of brick, stone, siding, stucco, metal roof color, trim color, mortar color and exterior paint color.
-
Your first and second choice exterior selections must be submitted within seven (7) business days of your signed contract. An upgraded upgraded brick or stone, will require a deposit.
#4 - Pre-Start Orientation (PSO)
COMPLETED BEFORE CONSTRUCTION BEGINS
-
The meeting will last approximately one (1) hour Monday- Friday 10:00am to 3:00pm. Your builder will review all of your selections with you in detail and formulate a general timeline for the construction process.
-
We will help you understand our homebuilding process before construction begins and to ensure that you are completely satisfied with your home on paper before we begin.
-
Once construction begins, we will update you regularly on the progress of your home.
-
Please be advised that all opportunities to add options or make changes to your selections have passed.
#5 - Pre-Drywall Orientation (PDO)
COMPLETED PRIOR TO DRYWALL
-
Your builder will schedule this meeting with you at your home Monday- Friday 10:00am to 3:00pm Your builder will spend time discussing selections that have been installed up to this stage and explain what you can expect in the weeks ahead.
-
As you walk through your home, your builder will identify your selected options and verify installation and proper location (ie: phone and cable or surround sound pre-wire).
-
For your comfort and convenience, you may always ask your builder to schedule additional meetings, as needed, to ensure that you are comfortable with your home.
-
Please be advised that all opportunities to add options or make changes to your selections have passed.
#6 - Pre-Closing Orientation (PCO)
COMPLETED 5 BUSINESS DAYS PRIOR TO CLOSING
-
Your builder will schedule your Pre-Closing Orientation (PCO) to be conducted at your home approximately five (5) business days, Monday- Friday 10:00 a.m. to 3:00 p.m. prior to closing. Time may vary.
-
During the orientation your builder will familiarize you with your homes features and operations. We will also ensure that all construction is completed to Princeton Homes standards.
-
When necessary, your builder will document any items that need additional attention and will ensure completion before your Pre-Closing Acceptance meeting.
-
You will be introduced to our Customer Care and Service Manual. We will review home care and maintenance, as well as phone numbers and information about the contractors who performed work on your home.
#7 - Pre-Closing Acceptance (PCA)
TO BE COMPLETED PRIOR TO CLOSING
-
Your builder will schedule this meeting with you following your Pre-Closing Orientation (PCO).
-
At this time, your builder will review all documented items during the Pre Closing Orientation (PCO) with you to verify that all items are completed to Newmark standards.
-
Your builder will then ask for your acknowledgement of completion and have you sign an Affidavit of Acceptance prior to closing.
-
Please be advised that all opportunities to add options or make changes to your selections have passed.
We will close when all items from the PCO list have been completed to Kingston Homes standards.
#8 - Closing on Your New Home
CONGRATULATIONS!
Closing Preparation
-
Closing dates and times are coordinated by Kingston Homes with your title company approximately thirty (30) days prior to closing.
-
Most title companies require that all buyers listed on the contract be present at the scheduled time for closing unless prior arrangements have been made with the lender/title company before the date of closing.
-
Bring a valid driver’s license or other acceptable form of photo identification to closing.
-
Funding may be provided in the form of a cashier's check payable to your title company or as a wire transfer to LCH Title (LCH). These are the only acceptable forms of payment.
-
Congratulations!!!
-
Upon funding your loan, your builder will schedule a time to meet your family at your new home for the “New Home Key Presentation.”
-
You will be Presented with the KEYS to your new home. For Kingston Homes, the “Home Key Presentation” is the most rewarding step in the home-building process.
-
Each Key Presentation symbolizes the culmination of our company’s team goal to deliver a beautifully completed home to your family to be enjoyed for years to come.
Closing Day Tips
You have the responsibility of arranging the transfer of all utilities.
New Home Key Presentation
From all of us at Kingston Homes, thank you for allowing us the privilege of being a part of such an important family milestone!
Terms to Know
When you’re buying a new home, sometimes it can feel like everyone is speaking a language you don’t understand. There are certain terms you need to know to make sense of it all. This is a basic list of those terms. For more information, please ask your Kingston Homes Sales Builder.
Costs in addition to the price of the home, which are paid at closing. These include taxes, title insurance, financing costs, items that must be prepaid or escrowed and other costs.
The deposit money given to the seller by the potential buyer when signing the sales contract.
An account held by the mortgage lender into which a homeowner pays money at the time of the periodic mortgage payments to cover annual property taxes and insurance.
An estimate of charges which a homebuyer is likely to incur in connection with their home purchase, including closing costs and monthly investment.
The governance body of a community, which enforces the covenants, conditions, and restrictions of managing the common amenities of the development.
A concession made by local taxing authorities to provide a reduction in property taxes by exempting a portion of the valuation of the homeowner’s principal residence from taxation.
A pledge of real property given by the buyer to the lender as security for the repayment of money borrowed.
A fee homeowners pay to provide water, sewage, drainage and other services to their area. MUD rates generally decline over time as the district is built out and operating and debt service costs are shared by more homeowners.
Insurance policy that protects the buyer/owner of real property from successful claims of ownership to the property by others.
