Purchase Agreement and Deposits

The first step in the homebuying process, after you've chosen your new Kensington community, home model and style, and location within the community, is the completion and signing of the Purchase Agreement.

Whether you are purchasing a single family home or townhome, there are slight differences in this step, as outlined below:

Single Family Homes: At the time of your Purchase Agreement, you will be asked to make selections affecting the foundation and elevation of your new home. Therefore, a 5% earnest deposit is due at time of Purchase Agreement and will include a percentage of the total price of the lot, foundation and elevation. Upgrade options and color selections selected after the Purchase Agreement will require a 25% earnest deposit at time of selection, with the remainder due at closing. These selection items include mechanical flooring, cabinetry and millwork to name a few.

Townhomes: At the time of your Purchase Agreement, you will be asked to make selections on options affecting the foundation, framing and mechanical systems of your new home. Therefore, a 5% earnest deposit is due at time of Purchase Agreement and will include a percentage of the total price of the lot, foundation, framing and mechanical system options. Upgrade options and color selections selected after the Purchase Agreement is signed, will require a 25% earnest deposit at time of selection, with the remainder due at closing. These items include flooring, cabinetry and millwork to name a few.

If you have any questions, please do not hesitate to contact us or ask any of our sales professionals, who would be more than happy to address your concerns.

Otherwise, please choose a topic from the drop-down menu below and we'll continue taking you through the homebuying process.