PURCHASE AGREEMENT & DEPOSITS
When you decide to buy your new Lexington Home, your sales representative will present you with a purchase agreement.
This document spells out exactly what your new home will include, where it will be located, and how much it will cost.
Every detail will be explained to you. When you sign this agreement, you will be expected to give Lexington a deposit.
This will be a minimal percentage of your purchase price and will help bind the agreement, allowing you to reserve the
home of your choice while we begin building it for you. Meanwhile, you will arrange financing and proceed to the closing
on your new home, which is the moment when legal ownership of it transfers to you.
MORTGAGE LOAN APPLICATION & APPROVAL
Unless you're going to pay cash for your home, you'll need to apply for a mortgage in order to finance the purchase.
You should start the loan approval process as soon as possible. While you might already have banking relationships and
may prefer to use your own sources, we like to suggest lenders who are able to provide an interest rate cap, in addition
to other benefits to those purchasing a Lexington Home.
WHY USE OUR LENDER?
We've taken great care to build relationships with lenders in order to serve you better. Our familiarity with them gives you
leverage when and if obstacles and questions arise. Sometimes outside lenders may quote a rate at the time of application,
but when you close on your home, the rate might have moved higher. We don't want that to happen to you. Our Preferred Lenders
can help assure you that it won't.
FINALIZING MECHANICAL OPTIONS
Finalizing the various framing and mechanical options of your home is an important stage of the process. Once these integral
decisions are made, they cannot be changed. Laying this groundwork should take place 6 months before the delivery of your home.
We will work with you to make sure that no detail is overlooked and that all your choices are correctly and clearly stipulated.
FINALIZING INTERIOR OPTIONS
Choosing your own personalized interior finishes is what makes your new home reflect your unique taste and style. These
decisions are to be made 3 or 4 months prior to delivery. Your Lexington Design Coordinator will work with you in selecting
the right materials, colors and accents to complement the intended look, feel and furnishings of your home. To ensure that
the big picture comes together smoothly, we'll assist you in making these decisions on schedule.
We understand that the schedule for delivery of your new home is of the utmost importance to you—as it is to
Lexington Homes. There are a great many things to coordinate in order to make this all come together. While
we would certainly like to give you a definite date—initially, we can only give you a range of possible dates.
As your new home progresses, we'll then be able to better judge exactly when you will be able to take residency.
We will have a firm date no later than 8-10 weeks before closing.
The construction of your new home is a complex endeavor. Over years of experience, we have calculated the timing of each
step so that the entire process runs smoothly. Sometimes there will be a great deal of activity going on. At other times,
it will seem as if there is little action. This is part of the normal plan. We know that you're excited and curious about
the progress. So, during key points in the construction we'll arrange for you to visit the site. Also, we'll notify you when
milestones in the construction phases are reached. Due to safety concerns, we do not permit you to visit your home unaccompanied
at other times during construction. If you have questions during the construction of your home, please contact your Lexington
Sales Representative. We are here for you.
Lexington Homes not only takes pride in the outward excellence of our homes, but also in the important behind-the-scenes elements.
We want you to be aware of the type of quality we insist upon, even when you can't see it. Therefore, we'll arrange for you to attend
an orientation tour of your home prior to installation of the interior drywall. You will meet the Construction Manager and be able to
ask questions. Your selections will also be confirmed before the installation of interior walls.
NEARING YOUR HOME CLOSING
As we get closer to your new home being finished, you'll receive a certified letter telling you of the time and location of
your escrow closing. This will also notify you of your orientation appointment when you will discuss important information
regarding utility connections at your new home.
One to two weeks before closing, you will receive a ‘Preliminary Closing Package’ from Lexington Homes. This will detail final
arrangements for the closing and for taking occupancy of your new home.
NEW HOME ORIENTATION
The final step before taking possession of your new home is your new home orientation. You will be accompanied on this orientation
by our Warranty Service Manager. This walk-through has several purposes:
This orientation has several purposes including:
- Making sure that your new home meets our strict guidelines and standards of quality
- Notation of any minor adjustments or alterations necessary
- To demonstrate the function and operation of systems in your home
- To confirm your understanding and acceptance of Lexington's Warranty Service Program schedules, procedures and responsibilities
- To indicate important homeowner maintenance items
- To answer any remaining questions that you may have
We suggest that you allow approximately two hours prior to closing for this orientation.
At closing you will take legal title to your new Lexington home.
Congratulations! You can move in and begin enjoying your new home.
Closing details will be covered in your ‘Preliminary Closing Package.’ You will need
to bring a certified check with you for the remaining balance of your down payment and
closing costs. You will also provide evidence of homeowner's insurance for your new home,
in addition to other requirements requested by your mortgage lender.
AFTER THE SERVICE SALE
At Lexington Homes, we back our homes with one of the most comprehensive warranties in the
business. Our Warranty Service Program is designed to best serve your needs. You'll receive
this warranty at time of purchase and it will be explained to you completely before you move in.
At Lexington Homes, your complete satisfaction is important to us. Therefore, we want to hear from
you. We delight in hearing that you're pleased. And we take seriously any suggestions you might have
regarding ways we could make our processes even more satisfying to you. Your feedback is vital to
making every future Lexington home a success.
WELCOME TO THE LEXINGTON FAMILY
We're proud that you've chosen Lexington Homes. Thank you so much for allowing us the opportunity to work
with and for you. Our wish is for you to thoroughly enjoy the Lexington experience and to transition easily
from your current lifestyle to your new lifestyle. We're dedicated to making sure you’re completely satisfied.
We wish you many happy times in your new Lexington home and hope that in the future, if your housing needs should change-that you will once again look to us.