CHECK LIST
TO: NEW CENTURY HOMES, INC.
FROM: ____________________________________
I, the undersigned, Buyer, do hereby certify that the following points of New Century Homes' construction program have been thoroughly explained to me and I fully understand and accept them.
1. _______ If I withdraw from the program only EIGHTY PERCENT (80%) of the money that I have paid into the Total Escrow Account will be refunded. I also realize that I will not receive any interest on my money.
2. _______ I know that New Century Homes has the right to use TWENTY PERCENT (20%) of the money that I pay into my escrow account and also the right to use all of the interest that is earned on the escrow money, and that the Escrow Agent has been authorized to pay these sums immediately to New Century Homes as soon as they come into the Escrow Agent's possession, such that the Escrow Agent shall never have in his possession actual cash in excess of the said EIGHTY PERCENT (80%).
3. _______ I understand that the faster I get my down payment ready the sooner my new home will be built. The primary responsibility for when my new home will be built is on my shoulders.
4. _______ I understand that the following interest rates will apply to the purchase contract on my new home:
DOWN PAYMENT INTEREST RATE
5. _______ I also understand that if my escrow account is open, and I make the promised monthly payments of $_____________ as established in the NEW HOME PURCHASE AGREEMENT when due then I will qualify for the 2.00% interest rate.
6. _______ I also understand that if I elect to become a member of United eXchange International, for a fee of $25.00, then I can use my UXI Barter Credits to pay the balance due on the purchase of my new home and there will be NO INTEREST payable.
7. _______ I further understand that even though I have entered into New Century Homes' Escrow Program I may still use the New Century Homes' Work for Your Down Payment Program and/or New Century Homes' Home Equity Exchange Program.
8. _______ I understand that if I do not want to use a New Century Homes' building lot then I must provide a building lot, satisfactory to New Cenrtury Homes, for my new home, at least 30 days prior to the date construction is to begin.
9. _______ Even though New Century Homes will credit my Total Escrow Account with interest I cannot withdraw it. The interest will only count toward reducing the ultimate purchase price of my new home by reducing the amount of the final contract balance carried by New Century Homes.
10. _______ I understand that all benefits are allocated based on the length of time in the program, i.e., if another person and I have identical amounts in our escrow accounts and the labor requirements only allow one home to be started at that particular time then the person who has been in the program the longest will be given the first opportunity to have the new home. For purposes of calculating the length of time in the program the amount in the Total Escrow will be divided by the amount of the promised payments and the result will be called the months in the program.
11. _______ I have been fully advised that because of the stiff withdrawal penalties, i.e., the loss of TWENTY PERCENT (20%) of my contribution to the program and all of the interest, I should be very certain that I want to enter into the New Century Homes' construction program.
BUYER:
by: ____________________________
by: ____________________________
ACCEPTED:
NEW CENTURY HOMES, INC.:
by: ________________________________
Authorized Signature
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Standard Home Purchase Contract
Work for Your Down Payment
Home Equity Exchange Program
Escrow Program
Program Information
Escrow Agreement
Check List
Escrow Home Purchase Contract
Construction Commitment
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