Deposits/Draws
To begin the process of designing and building your home, we require a deposit of $2500. This lets us know you are committed to buying your home from us, and allows us to start the process. At the signing of a contract, you will receive a Draw Schedule. The Draw Schedule explains when payments are due to Bay River Homes, and what each payment should be.
BELOW IS A SAMPLE DRAW SCHEDULE
Draw Schedule of Payments and Owner Financing
We propose hereby to furnish material and labor – complete in accordance with the specifications outlined in the Custom Home Contract, for the sum of: $ 150,000
Initial Deposit: $2500
Note: It is the responsibility of the Customer to ensure that all information (i.e. surveys) needed by the Lender to release the draws has been given to the Lender so that the draws can be executed on this agreed schedule:
| 10% of contract total upon signing of contract (minus initial deposit) | $12,500 |
| 15% of contract total upon foundation completion | $22,500 |
| 65% of contract total upon setting house on foundation | $97,500 |
|
Balance Due upon issuance of certificate of occupancy |
$15,000 |
Balance due is paid excluding any future change orders, upon issuance of the certificate of occupancy or conditional certificate of occupancy, if applicable.
* All final payments not from a lender must be in the form of a cashier’s check. Bay River Homes, LLC requires that all checks from a lender be made out to Bay River Homes, LLC and the Customer or to Bay River Homes, LLC solely. It is the responsibility of the Customer to instruct his/her lender to do so.
Owner Financing Information:
Name and Address of Lender ______________________________________________________ Contact/Phone & Fax Numbers ____________________________________________________
* Final balance due amount must be delivered to Bay River, LLC, within 10 business days from date of issue of Certificate of Occupancy or Conditional Certificate of Occupancy, if applicable. If balance due is not delivered within 10 business days, Owner acknowledges that Bay River Homes, LLC. may, at its discretion, impose a per diem charge until the balance is delivered to Bay River Homes, LLC. Owner further acknowledges that this per diem charge will be equal to one half of one percent of amount of balance due, with a minimum per diem charge of $25.00, which must be paid to Bay River Homes, LLC before Owner can take possession of the home.
