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Easement
A right given to a third party to use a portion of property for certain purposes, such as power lines or water mains.
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Elevation
The exterior face of a home, including the materials (like brick or stone) used on that face.
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Framing
The construction of the skeleton structure, or framework, of a house.
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Floor Plan
An architectural drawing showing the overall layout of a home. The size and shape of each room is shown on the floorplan. Walker Homes offers 10 different floor plans from which you may choose as your new home.
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HOA (Homeowners Association)
The Homeowners Association is an association comprised of home owners within that community who are responsible for enforcing the rules and regulations of the community, and also for the maintenance and upkeep of any common areas, including community centers, swimming pools, health club facilities and landscaping.
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Homesite
Each new community is divided into individual homesites or lots. Walker Homes has several new homesites for you to choose from.
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Lot Premium
A charge paid by the buyer of a special lot that is considered to be in a more desirable location than the other homesites in the community. In some cases, this is for lots that may be larger than the other lots within the community.
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Lot
Each new community is divided into individual homesites or lots. Walker Homes has several new homesites for you to choose from.
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Option
An item in a home that isn’t a standard feature of that home. Walker Homes offers many items, for an additional charge, that help personalize your home. Options may range from appliances to fireplaces, or upgrades on carpet, tile, or room configurations.
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Phase
A group of homesites within a community. Most homebuilders sell all the lots within the current phase before moving on to the next phase of the community. Builders "release" a new phase when the current phase is almost sold out. This means that there is now a completely new selection of lots, available for purchase.
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Punch List
A written list of items which need to be fixed, repaired or replaced prior to the final walk-through.
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Reservation
A non-binding agreement to purchase a home at a future date. Often, a reservation is taken for a specific lot in an upcoming phase, giving the buyer the first opportunity to purchase that lot when the phase is released. A reservation usually requires a deposit.
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Standard Feature
A specific item that is automatically included when you purchase a new home. Standard features may include a specific style of cabinets, or a specific type of countertops
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Upgrade
When a homebuyer selects a higher level of material or style in an area of their home (e.g., granite countertops, or formica, instead of laminate or hardwood floors instead of carpet) at an additional cost.
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Walk-Through
A buyer's final inspection of a newly built home prior to move-in. At Walker Homes, the walk-through includes an orientation with instructions on how to maintain certain items in the new home, as well as a review of the Homeowners 10-year limited warranty coverage.
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Warranty
A plan to fix or repair specific items of your home according to the warranty terms. At Walker homes, we offer a 10-year limited warranty that includes a 10-year structural warranty; a two-year warranty on electrical components, heating or cooling systems, and plumbing; and a one-year warranty for all other components of the home. All elements of the warranty are reviewed with the homeowner at the time of the walk-through.
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