Home Buyer's Guide
The Sales Process
Sales Documentation - What do I Need to Know?
The sales documentation in a new home community is sometimes intimidating and the volume of paperwork may seem overwhelming. Your Sales Counselor will be there to answer any questions or concerns that you may have as you go through this process.
A large portion of the paperwork you will receive is required by a variety of governmental agencies including the state, city, county and the Department of Real Estate.
Some of the most common documents you may find in your new home packet are:
- The New Home Sales Agreement and Master Customer Agreement (and attached Addenda) describe the agreement you are entering into. This includes the purchase price, the loan amount, your down payment, estimated closing costs and other conditions governing the sale. You should refer to the New Home Sales and Master Customer Agreements frequently as these documents address most issues in legally enforceable terms, whereas this section is simply a summary of the process you should expect to experience.
- The Fieldstone Disclosure Statement details items relating to the home you are purchasing as well as items regarding the surrounding community.
- The Covenants Conditions and Restrictions, or CC&Rs, describes the rules and regulations that govern the subdivision where your new residence is located. They are designed to preserve the desirability and attractiveness of your new home community.
- The Home Builder’s Limited Warranty, detailing the warranty service provided to new homebuyers, pertinent exclusions and limitations for such warranty coverage.
- The Disclosure Regarding Real Estate Agency Relationships, lists the different types of agency relationships that exist and describes the responsibility and fiduciary relationship each party has in a real estate transaction.
- The Statement of Information helps ensure that you receive clear title to the property. This is a form required by the Title Company and should be filled out completely.
- The Stage One Options List detailing the options available to you. This is the first of three opportunities you will have to personalize your new home. Any Stage One Options must be selected by the stage one cutoff date, or at the time you sign your New Home Sales and Master Customer Agreements. A nonrefundable deposit may be required at the time of ordering.
- Copy of “Fix-it Law” Provisions set forth in Part II, Division 2, of the California Civil Code. This newly enacted legislation establishes construction standards for new homes sold after January 1, 2003, and sets forth procedures to address potential construction defects in order to avoid litigation.
There may be other documents specific to an individual city or county agency or master planned community which your Sales Counselor will be happy to explain to you.
It is important that you read these documents carefully and contact your Sales Counselor with any questions you may have.
When you have signed all documents, they will be sent to Fieldstone for acceptance. Once Fieldstone accepts the agreements, the documents are then sent to the Escrow company.
