What is the first step, once I decide to buy a home?

Once you decide to buy a Savoy Court condominium home, you’ll sit down with a realtor from Savoy Court condominiums, who will walk you through the completion of the Purchase Agreement. The Purchase Agreement states the terms of your purchase and outlines legal & financial details. Once you’ve understood and signed your purchase agreement and written a deposit check of a small deposit, you will also receive a copy of the condominium’s Public Offering Statement and the by laws that govern the condominium.

What do I do after I sign the contract?

Once your contract is written, you will need to work with the team from Savoy Court condominiums, the lender, and the title company to ensure information and documentation requested is received. It is important that you work closely with all parties to address not only their requirements, but your own concerns and questions as well. Prior to settlement the lender will provide you with a Good Faith Estimate, outlining the certified funds you will need to bring with you to settlement and the realtor will assist you in making arrangements for your moving and utility set up.

Is there any special financing for first-time buyer?

Homebuyers with low or moderate income may qualify for the HPAP program and related benefits. HPAP is for first-time buyers who’ve been DC residents for at least a year, are purchasing a primary residence in DC, haven’t owned any residential property in the past 3 years, and have reasonably good credit. Depending on income, you may qualify for tens of thousands of dollars, as well as up to 7,000 or 4% of the purchase price for closing costs, whichever is less. Participants are often eligible for other benefits, such as a 5-year property tax waiver, a Federal tax credit and a homestead property tax deduction. For more information, please ask the Savoy Court Sales Team.

What do I do at the Walk-Through?

Shortly prior to settlement of your new home you will take a walk through of your new home with a realtor from Savoy Court condominiums and a builder representative to view the final product. Any items still requiring attention will be added to a “punch list” that the builder will complete both prior and after settlement.

What happens at Settlement?

Your settlement is the most important and exciting part of the process! It’s the day you receive the keys to your new home. Settlement will be scheduled roughly 30 days in advance. Once you have the date & time of your settlement, you will need to make sure you have a government issued ID and a certified check for the funds you are required to bring to closing. Settlement will take approximately an hour and will be attended by you, a realtor from Savoy Court condominiums, and a representative of the builder. Once settlement is complete you will have the keys to your new home and you can move right in!