Home Buyer Resources | Trico Homes | New Home Builder in Calgary Alberta. New Houses, Townhomes and Condos

Home Buyer Resources

Glossary
home-buyer-resources#glossary

Terminology and phrases utilized throughout the building process may not be familiar to you. We have listed common terms and phrases for your reference. If you require additional information or clarification, please contact your Area Manager, as they will be with you throughout the building process to answer any questions or concerns that you may have.

Possession Certificate/inspection Form

A certificate signed by the purchaser at the end of the possession inspection and orientation which indicates approval of the overall finish of the home, as well as notes any defects and deficiencies.

Pre-Possession Walkthrough

Occurs a few days before, or on the same day as, your occupancy (possession) inspection and addresses the following issues: confirmation that all documents are executed, confirmation that the closing statement is in order, receipt of funds for final closing balance, final questions answered and details clarified and authorization to release keys.

Purchase Agreement

An agreement for the construction of a home and the purchase of land. It is commonly used if the builder is selling both the home andthe lot. The agreement specifies the lot to be accurate and notes details concerning the transfer upon fulfillment of the agreements termsand conditions.

Purchase Price

The agreed upon price of your new home (and lot, if included through a purchase agreement) plus gst, less the applicable gst rebate granted by the federal government to new home buyers. The purchase price also includes the cost of any agreed to changes in the plans and specifications at the time of signing the agreement, as well as adjustments.