Specifications

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Closing on Your Home
Palo Verde Homes recognizes that timing is vitally important in planning your move and locking in
your loan. Once construction reaches a point at which weather and other factors are unlikely to affect
completion of your home, we can begin to offer an estimated closing date. This occurs 45 days before
closing. As your home progresses, we can begin to offer a more accurate date and time. Until then,
many factors can influence the schedule:
· Weather can delay getting the foundation in and can affect framing, roofing, and exterior finish.
· Material shortages and labor strikes may also affect the construction schedule.
· If you are delayed in responding to a request from your lender, this can affect work progress.
Date of Closing
The closing, or settlement, takes place at least 48 hours after your orientation. We set this
appointment with at least three days notice. Typically, the closing process takes from 45 minutes to
an hour.
Location of Closing
Once your home is two weeks from completion, we will begin to arrange your closing appointment at
the title company. We confirm the location with you when we set the appointment.
Closing Documents
At closing, the documents necessary to convey your new home to you and to close the loan from the
Mortgage Company will be executed and delivered. In addition to these standard items, the Title
Company, and Palo Verde Homes may require other documents to be signed. The principal
documents typically include the following:
· HUD Settlement Statement-This statement is a summary of all costs associated with the
purchase of your home including your sales price, down payment, deposited earnest money,
closing fees, etc.
· General Warranty Deed- The general warranty deed conveys the home and lot to you subject
only to permitted exceptions. This does not apply if you already own the lot.
· Title Commitment- At closing, we will deliver to you a standard form for an Affiliated Land
Title Association (ALTA) owner’s title insurance commitment to insure salable title of your
home to you in the amount of the purchase price, subject to the permitted title exceptions that
any questions with your title company. Within 60 days after the closing, the title company mails
a standard ALTA owner’s title insurance policy, insuring you the title to your home in
accordance with the commitment you received at closing. Keep the title insurance policy with
your other valuable papers.
· Palo Verde Homes Limited Warranty- We provide a copy of the limited warranty in this
manual for your review. Please read it thoroughly.
· Promissory Note- The promissory note is from you, payable to the lender in the principal