The Great Northern Block Buyer's Service Plan
For Vanilla-Box Units with Design and Finish Work to be Selected by the Buyer
When you enter into a Real Estate Option Contract for one of our condominium units, your deposit reserves the option to purchase that unit. Our design team will assist you in determining the plan to fit up your home. During your initial consultation, our design team will provide a sample plan and interior design that precisely matches the fit-up allowance granted in the Option Contract. These design services are included in the price of the unit.
You can choose to accept the design as presented or dig in and really customize your new home. As our designers assist you, they will provide estimates for how your selections will affect your purchase pricing. If you ultimately decide to sign a Purchase Agreement, a specified number of architectural and design service hours will be included in your Option Contract free of charge. If your selections and fit-up plans require additional design time, those hours will be billed according to the attached hourly schedule. Rest assured, we have included sufficient time to complete the plan for your interior. However, we understand that some buyers may wish to spend additional time with our designers to really hone in on their vision.
At the end of the design process, we will provide quotes for all of the fit-up work and finish materials. If you've gone over your Fit-Up Allowance, these upgrades or overages will be reflected in the final price of your home. At this time, we will be able to determine a closing date of your new home. If everything looks good, you can exercise your option and convert it into a purchase agreement. Your 5% deposit becomes the earnest money for your Purchase Agreement. When the work on your fit-up design commences, you'll pay an additional 20% of your purchase plus any fit-up overages to fund the cost of your personal fit-up plan. This may be at the same date as your Purchase Agreement or some weeks later, depending on the progress of work on the building as a whole as well as the fit-up schedule of the other units.
If you decide to not exercise your option to purchase the home, and you walk away from the deal, you will receive a refund of your deposit, less any design service fees according to the attached hourly schedule. These fees could run just a few hundred dollars if you step away prior to detailed design work but could be several thousand dollars if our design team has spent many hours completely developing your plan.
During the period of the Option Contract, you alone will have the option to purchase the unit. Because of this, we must apply time limitations to the process. Your initial consultation with our design team must occur within the first 15 days of your Option Contract, and final design plans are due within 45 days. You must accept and approve quotes and construction schedules within 60 days of signing the Option Contract. At that time, you must either convert your Option Contract into a Purchase Agreement or allow it to expire. While these limitations are prescribed here for your information and will be a part of your Option Contract, such periods may be extended with written consent from both parties.
When you do choose to convert your Option Contract into a Purchase Agreement, there are some additional time limitations, especially in relation to contingencies. Any contingencies beyond the seller's control (i.e. buyer selling their home, buyer obtaining acceptable financing) must also be cleared within 60 days of signing the Option Contract. A Purchase Agreement is a binding document with significant consequences for all parties. It’s important to carefully consider these matters and consult with an attorney before entering into a Purchase Agreement.
Thank you for reviewing The Great Northern Block Buyer's Service Plan. We’ve developed this plan to provide extensive options for designing your home and to lay out a path for all of us to move forward in the design, construction, and fit-up of The Great Northern Block. I say, “us”, because Kari and I will be your neighbors. Our nest is empty and we’ve been thinking about moving downtown for some time. We’ve been working on this project for years, and we hope you’ll find it reassuring to know that, long after the last door is hung and the last hammer is set down, we will be right there beside you at The Great Northern Block. Hello, neighbor!