NEW HOME PURCHASE AGREEMENT

THIS AGREEMENT, Dated this ___ day of __________________, 20 ____, by and between NEW CENTURY TECHNOLOGIES, INC., a Nevada Corporation, hereinafter referred to as "New Century," and __________________________________ of the City of _______________________________, County of ________________________________, State of _________________, hereinafter referred to as "Buyer," is to set forth the terms and conditions whereby New Century will cause a new home to be built for the Buyer.

FOR AND IN CONSIDERATION of the mutual covenants and promises set forth herein, the parties hereto agree as follows:

1. New Century agrees to cause a new home to be built for the Buyer, to the specifications agreed upon by the Buyer and New Century, and as set forth in the building plans and specifications provided by the architect, made a part hereof by this reference thereto, and to sell the said new home to the Buyer under the following terms and conditions.

2. Buyer hereby agrees to buy the said new home from New Century and to pay for the new home as set forth below:

3. The buyer has selected plan #__________, with a sales price of $________________, and the building lot situated at: ______________________________, in the City of __________________________, State of __________________,with a sales price of $______________, for a total purchase price, for the completed home and building lot, of $_____________________.

4. Concurrent with the execution hereof, Buyer deposits the initial sum of $________________, with New Century, as the Buyer's portion of the down payment, which sum is THREE PERCENT (3%) of the purchase price, the receipt and sufficiency of said payment is hereby acknowledge by New Century, to apply toward the construction and ultimate purchase of the new home by the Buyer. Said funds will be available to, and may be used by, New Century, as New Century determines, in the construction of the new home for the Buyer.

5. Buyer further agrees to pay to New Century the sum of $____________, which sum may be financed, by the Buyer, with a First Trust Deed, and which sum represents approximately SEVENTY PERCENT (70%) of the purchase price of the said new home and building lot. The funds from the loan shall be paid to New Century, upon closing the loan, and shall be available to, and used by, New Century, as New Century determines, in the construction of the new home.
6. Failure of the buyer to deliver the funds specified in Paragraph 5 hereof, in a timely manner, shall have no effect on the validity of this Agreement, or any other agreement, between the buyer and New Century. The only penalty for a late payment shall be a delay in starting construction of the new home for the buyer.

7. The funds, specified above, to be paid to New Century by the Buyer, shall apply toward the ultimate purchase of the new home from New Century by the Buyer.

8. At such time as the new home is completed it will be tendered to the Buyer. Within 30 days after the home is tendered, the Buyer will have completed all financing, and will have paid, to New Century, the entire balance of the purchase price in accordance with all terms and conditions agreed upon between Buyer and New Century.

9. Buyer specifically understands that all of the money, in whatever form agreed to, paid to New Century will be applied toward the construction, and ultimate purchase, by the Buyer, of the new home.

10. Buyer also understands, that should the Buyer elect to not complete the purchase program, New Century shall have the right to complete the home, and to market the same. Any money received by New Century, through the ultimate sale of the new home, that is over and above the costs, normal profit margins, overhead, and expenses incurred by New Century in its construction of the new home, will be divided proportionately with the Buyer, provided that the Buyer shall not be entitled to receive more than FIFTY PERCENT (50%) of such funds. The proportions of the division shall be determined by the percentage contributed by each party to the final cost of the new home.

11. Included in the sale are the following items:

a. New Century Standard Selections:
four burner range double oven
dishwasher disposal
trash compactor kitchen center
microwave oven 50 gallon gas hot water heater
forced air gas furnace refrigerated air conditioning
2x6 exterior walls TJI Joist to specifications
R-19 insulation in the walls R-38 ceiling insulation.
double glazed windows 60" whirlpool tub in master bath

b. Landscaping:
front lawn side lawns
30 feet of rear lawn 15 shrubs, of New Century's choosing

c. Cabinets (in accordance with the plans and specifications):
Kitchen cabinets bathroom vanities

12. Buyer shall have the right, at additional cost to the Buyer, to modify the New Century Standard Selections and to indicate such changes in writing to New Century Homes. When any increase in costs of such changes has been paid to New Century then the changes will be binding upon New Century.

13. Electrical fixtures, plumbing fixtures, paint colors, and wallpaper or walltex patterns are to be selected by the Buyer within 10 days following notification from New Century to the Buyer that the selection time has arrived.

14. Buyer is not only obligated to make the necessary selections of colors and designs within the said 10 day period, but is also obliged to keep such selections within the price framework contained in the construction specifications. Should the Buyer exceed the specified prices, then the additional funds must be paid, in cash, to New Century at the time the selections are made known to New Century. Failure of the Buyer to make the selections within the said 10 day period shall forfeit Buyer's right to select, and New Century shall proceed with the selections. New Century will, however, honor any selections validly indicated by the Buyer.

15. Any changes requested by the Buyer at any time after construction has started will be paid by the Buyer at the time the change is requested, and shall be in addition to the quoted Purchase Price set forth herein.

16. New Century reserves the right to:

a. Make such changes or substitutions of equal quality in the construction as may be required, authorized or approved by the Governmental Agencies having jurisdiction over the construction.

b Determine the design, including the reversal of building layout and location of the building on the lot to fit into the general pattern of the development.

c. Determine the grading and elevations of the building site.

d. Determine the elevation of foundations and streets to conform with the topographical conditions.

17. Determination of the time to start construction will be partly based on the following criteria:

a. If the lot is owned by New Century, the Buyer must have executed a Lot Purchase Contract with New Century covering the lot selected by the Buyer.

b. If the lot is not owned by New Century, the Buyer must demonstrate to New Century's satisfaction that Buyer is authorized to cause a home to be built on the said lot. Buyer is responsible for locating and providing a building lot that is satisfactory to New Century.

c. New Century shall have the right to waive the above requirements, with the approval of the Buyer.

18. New Century shall have the sole authority to determine when construction of the new home will begin.

19. Possession of the new home shall be on or before _____________ days following the date of the start of construction.

20. If for any reason whatsoever, except New Century's willful default, New Century shall be unable to complete the construction of the new home and to deliver possession in accordance with the provisions hereof, it is agreed that New Century's total liability shall be limited to delivery of the new home, at its current stage of construction, and the principle balance of whatever funds are validly remaining after the expenditure of all costs and expenses involved in the construction of the new home to the date of default. New Century shall not be entitled to any profit. Any interest accrued from funds on deposit shall not be counted as principle.

21. If construction or completion of the said building shall be stopped or delayed by reason of New Century's inability to obtain materials and/or labor, then the delivery of possession shall be adjourned to a date to be fixed by New Century, or at New Century's option this Agreement may be canceled and the refund and liability of New Century shall be as set forth in Paragraph 20 hereof.

22. If the new home is not ready for occupancy at the date established herein, then the closing shall be adjourned to a new date, to be set by New Century, which date shall not extend the original date of occupancy by more than 45 days, unless such delay in occupancy is caused by circumstances beyond the control of New Century, in which case, Paragraph 20 shall apply.

23. The existence of unpaid taxes or liens of any kind at the time of closing shall not constitute an objection to the title provided New Century shall deposit, with the title company, sufficient funds so that the title company shall be willing to insure against collection of the same.

24. Buyer must give New Century a THIRTY (30) day written notice of intent to withdraw from the purcahse program, said notice must be sent by registered mail through the U. S. Postal Service, postage prepaid, properly addressed to New Century at the address New Century has provided to the Buyer. Notice shall be deemed to have been properly given when delivered.

25. In the event of any uresolvable problem between New Century and the Buyer, New Century's total maximum liability shall be limited to the said provisions of refund as set forth in Paragraph 10 herein.

26. Upon payment in full to New Century, New Century will, at closing, provide the Buyer with a policy of Title Insurance covering the real property to be delivered by New Century to the Buyer.

27. At such time as Buyer has completed the negotiations for a First Trust Deed Loan to finance the construction costs hereunder, New Century will cause such documents as are necessary to close the said loan to be delivered to the lender.

28. Subject to the provisions of Paragraph 27, hereof, New Century will, at closing, provide the Buyer with a Warranty Deed covering the real property and a Bill of Sale covering the personal property being delivered hereunder. New Century will also give Buyer a guarantee covering the premises against all defects in workmanship and materials, normal wear and tear excepted, for a period of TEN (10) years following the date of closing, except, in the case where a manufactured item is used in the construction of the new home, in which case the manufacturer's guarantee will prevail.

29. In the event the Buyer provides the building lot, the said lot will be conveyed to New Century by Warranty Deed, and the purchase price herein shall be for the new home only. New Century is hereby authorized and empowered to proceed with its obligations hereunder, pursuant to the provisions of Paragraph 27, hereof, in order to complete the construction contemplated herein. New Century shall not be obligated to build unless the lot is delivered to New Century free and clear of all encumbrances, however, New Century, at its option, may do so.

30. New Century shall have the right to reserve unto itself all oil and mineral rights pertaining to the property. Such reservation shall only be valid if in the opinion of New Century it is necessary to protect the rights of other property owners who have purchased from New Century and are adjacent to the said construction.

31. Buyer agrees to accept the property subject to any zoning rules, regulations, and ordinances of the City, Town, Village, County or State in which the building lot is situated. Buyer also agrees to accept the property subject to any easements of record, encroachments or restrictions of record, provided they do not exceed those referred to in the policy of Title Insurance, to be provided by New Century hereunder, and any statement of facts an accurate survey may show provided they do not make the title unmarketable.

32. Buyer shall in no event take possession of the premises prior to the date of occupancy and the closing of this transaction, and payment in full to New Century, as provided herein. Should the Buyer violate this provision, Buyer consents that New Century shall have the right to dispossess them from the premises as squatters and intruders by summary proceedings or otherwise.

33. Upon Buyer's failure to take title as herein provided New Century will be relieved of any obligation at law or equity for the conveyance of said home to the Buyer and upon 10 days written notice to the Buyer may proceed to sell the house to others and Buyer agrees to pay any deficiency.

34. Prior to, or at the date of, occupancy New Century will pay all material and labor liens on the premises. Taxes and governmental assessments shall be prorated as of the date of occupancy.

35. Risk of loss or damage to said property, by fire or other causes, until the date of occupancy shall be the responsibility of New Century. Subsequent to the date of occupancy, the Buyer shall be responsible for all risk of loss or damage. Should Buyer not furnish New Century with proof of suitable insurance, showing New Century as the loss payee, covering the premises hereunder, then New Century shall have the right to cause a policy of insurance to be issued covering the premises and to bill the Buyer for the said policy of insurance.

36. If any minor item or work is not complete at the time of closing, Buyer agrees to close and to accept a letter from New Century agreeing to complete such items within a reasonable time.

37. It is understood and agreed that all understandings and agreements heretofore had between the parties are merged into this agreement and the attached Exhibits, cited herein, which alone fully and completely expresses their agreement, and that the same is entered into only after full investigation, neither party relying upon any statement or representation, not embodied in this contract, made by the other.

38. If two or more persons constitute the Buyer then the word "Buyer" shall be construed to read "Buyers" whenever the sense of this agreement so requires.

39. If any part or portion of this agreement shall be held to be illegal or invalid then the balance of the contract shall be unaffected so long as the basic meaning of the agreement is not altered.

40. This agreement may not be changed or terminated orally. The stipulations aforesaid are to apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties.

41. All notices between the parties hereto, except the Buyer's notice to withdraw shall be sent by registered mail, postage prepaid, through the U. S. Postal Service properly addressed to the respective party. Such notices shall be deemed to have been delivered when deposited in the mails. Withdrawal notices shall be handled as provided for in Paragraph 10.

IN WITNESS WHEREOF, this agreement has been duly executed as of the day and date first above written in the City of ____________________________, County of _______________________________, State of __________________________, and in the case of a dispute, shall be resolved pursuant to the laws of the said state.

Check it out!!

Top of Page
Work for Your Down Payment
Home Equity Exchange Program

Escrow Program

Program Information
Escrow Agreement
Check List
Escrow Home Purchase Contract
Construction Commitment
Frequently Asked Questions

New Century Homes Home Page | Who is New Century Homes?
Information about New Century Homes | What New Century Homes Provides
Standard Features of a New Century Home | History of Factory Built Homes
Our Competition | Sweat Equity Program | Home Trade In Program

Wildewoode Lumber | New Century Homes
National Gold | Fulton Land Design Company
Mayan Financial Services | Vagabond Recreation
Home Page