Purchase Agreement

Question 1

All contract information (date, customer name, building address, purchase price) is pulled from

Answer 1

FrontDoor

Question 2

Homeowner(s) shall make written loan application within ____ days of Homeowner(s) execution hereof and homeowners shall receive a firm, unconditional loan commitment within ____ days after date hereof.

Answer 2

5 days and 30 days

Question 3

If homeowners fail to close this purchase agreement within ____ days of the date hereof, Schu, at its sole election, may declare Purchase Agreement null and void, or in the alternative, may grant the homeowners an additional ____ days to close.

Answer 3

60 days and 30 days

Question 4

If Schu gants the Homeowners the additional time, the homeowners understands and agrees that

Answer 4

Schu may increase the cost of the construction of the home

Question 5

After Schu has been advised by the homeowners that financing has been closed; schu will schedule a preconstruction meeting (T/F)

Answer 5

False

Question 6

Schu shall pay for the temporary power pole installation (T/F)

Answer 6

True

Question 7

Homeowners shall bay for all taxes and assessments, both general and special (T/F)

Answer 7

True

Question 8

Schu shall apply for and furnish the respective electric/gas company with all pertinent info.
Schu is responsible for all utility bills during construction.
This applies to both temp and permanent power/gas.
Cable lines are not the responsibility of the homeowner and will be ordered directly by Schu at our expense

Answer 8

False

Question 9

If city water and serer do not serve the premises, the total purchase price may include _______ for a septic system and well and pump.

Answer 9

Allowances

Question 10

Schu shall pay for all usual and customary building permits up to $___ and the homeowners shall pay for rest

Answer 10

$0 - carolinas

Question 11

Homeowners shall at their expense, secure the house number, septic permit, and zone permit and shall forward originals to the local building department. (T/F)

Answer 11

True

Question 12

Which is not a part of the entire agreement/contract documents

Answer 12

Your business card 
Included: 
- Purchase agreement
Addendum to PA 
Construction specs

Question 13

At what time are change orders used to note any changes, additions or deletions to the contract documents?

Answer 13

After the signing of the purchase agreement

Question 14

Changes to Contract Documents after the precon meeting shall subject to

Answer 14

A $250 fee per change and probable $350 for re-draw

Question 15

Per the purchase agreement, does Shu guarantee any specific construction completion date?

Answer 15

Yes

Question 16

If homeowners fail or refuse to perform or breach the requirements of this contract, Schu may at its sole option, declare this agreement null and void and the above deposit shall be return to the homeowners (T/F)

Answer 16

False

Question 17

Who pays the expense of any work on the building site necessary before actual excavation for the foundation and construction of the home can commence?

Answer 17

Homeowners

Question 18

What is the percentage over and above the cost of any additional expense incurred prior to, during, or after excavation due to any construction site costs?

Answer 18

18%

Question 19

Schu tests every site for Radon Gas (T/F)

Answer 19

False

Question 20

Homeowners understand that while premises are under construction, they must be fully insured by both

Answer 20

Fire and comprehensive insurance policy

Rider of endorsement insuring against vandalism and theft from the job site

Question 21

Schu is not responsible for compliance with local zoning or building codes regarding setbacks or deed restrictions setbacks or any such items. (T/F)

Answer 21

True

Question 22

The homeowners shall submit evidence in a form acceptable to Schu that homeowners is legal titleholders to this hoomesite prior to the precon meeting (T/F)

Answer 22

True

Question 23

Homeowner(s) hereby grant to Schu the right to place a sign in the yard from the time Schu. enters upon the premises until Schu is

Answer 23

Paid in full

Question 24

Homeowner(s) agrees that the direction and supervision of the working forces including subcontractors, rest exclusively with Schu unless the Homeowner(s) have a construction background (T/F)

Answer 24

False

Question 25

Schu utilizes Arbitration to settle omission, disputes, claims, or controversies arising from or relating to any manner of contract document? (T/F)

Answer 25

True

Question 26

In the event that Schumacher Homes is not timely paid pursuant to the Draw Schedule of for Change Agreements or if Homeowner(s) stop or delay the construction process, Schumacher Homes shall have the right to:

Answer 26

Stop supplying labor Stop supplying material Remove any fixtures, equipment, appliances at or installed in the house

Question 27

Homeowner(s) will receive a copy of Limited Warranty and any third party warranty. (T/F)

Answer 27

True

Question 28

If Homeowner(s) take possession of the premises and occupies the premises without first having consent of Schu.

Answer 28

Homeowner(s) shall constitute an acceptance of the completion of the home Homeowner(s) accept the property in “AS IS” condition Homeowner(s) Limited Warranty is null and void

Question 29

The contract documents are not assignable (T/F)

Answer 29

True

Question 30

The contract documents shall be governed by the laws of the state in which the home is to be contstructed (T/F)

Answer 30

True

Question 31

_______% of purchase price upon loan closing

Answer 31

5

Question 32

_______% of purchase price when foundation walls are poured or block completed prior to spray/waterproof

Answer 32

15

Question 33

Schumacher Homes agrees to keep the property free from any Mechanic’s Liens. (T/F)

Answer 33

True

Question 34

_______% of purchase price when framed, windows/doors set, sheathing & felt paper applied prior to shingles

Answer 34

30

Question 35

_______% of purchase price when mechanicals roughed in/insulated/drywall is hung, prior to tape & finish

Answer 35

30

Question 36

_______% of purchase price when the interior trim is hung, prior to cabinetry and countertops

Answer 36

10

Question 37

_______% of purchase price when the home is substantially completed

Answer 37

10

Question 38

Payment for all allowances including well and septic allowances, minus change order balance will not be paid until after? _____ This will exclude driveway, patio, and landscaping allowances. These allowances will be paid at the end of construction

Answer 38

The payment of third draw (mechanicals roughed in/insulation/drywall)

Question 39

The Guaranteed Move-in date is calculated from the completion of ________________ to the date of the Homeowner(s) _________________________.

Answer 39

foundation ; orientation

Question 40

All construction debris is to be ____________________ during the construction of the home

Answer 40

Placed in a Schumacher Homes provided dumpster