Lot Process
Step 1: After you have chosen your lot, enter into an Unimproved Property Contract
Provisions of the Unimproved Property Contract- Closing of your lot will occur within 30 calendar days
- Hagy Custom Homes ("HCH") will build a home on your lot
- Construction must commence within 1 year of closing of your lot
- A good faith deposit equal to 10% of the purchase price of the lot will be made to HCH upon signing the Unimproved Property Contract.
Step 2: Obtain Financing and Financing Commitments
- If financing is required to purchase your lot, then a lender needs to be contacted to obtain a lot loan. HCH has a preferred lender who has developed a land lending program specifically for our homebuyers. Please contact Paula Lowe of Wells Fargo at (512) 344-7336, located at 111 Congress Ave.
- A qualification letter stating that you are qualified to build a home of the approximate amount desired will also need to be obtained prior to the closing of your lot.
- Contact with the lenders should be made within 3 days of executing the Property Contract.
- The lot loan, if applicable, and the permanent financing commitment should be obtained within 25 days from the Unimproved Property Contract execution.
Step 3: Purchase Lot
Timing
- Within 30 days of executing the Unimproved Property Contract, all closing documents need to be signed and title to your lot will be transferred, subject to the repurchase agreement.
- If financing your lot, then the amount of funds, in addition to your deposit, will depend on your lender's requirements. Your good faith deposit will be credited towards the purchase price at closing.
- If you will be paying all cash for your lot, then all funds including the purchase price and all closing costs need to be wired or a cashiers check presented to the title company