Tinguely Development makes it easy to Design and Build your own Waimea Parkside Home!
Tinguely Development offers six home designs at Waimea Parkside, however, if you prefer to customize your home, the option to build on one of the remaining vacant Lots is available. This option provides the opportunity to work directly with the Developer, as well as, their in-house Architect and Contractor. In addition, qualified Buyers are offered a developer financing option during the construction phase to ease the process until their new home is move-in ready.
Developer Financing Makes it Seamless with Six Simple Steps
Step #1: Meet the Developer and Establish a Relationship
This first step is important for two main reasons. One, is to establish the foundation for a trusting relationship between Buyer, Developer and Developer’s Representatives. Two, is to create the space to discuss and explore building options based on the Buyer’s wants and needs.
Watch this video below to hear what the developer, Phil Tinguely, has to say about the residential design at Waimea Parkside and the inspiration behind the development.
Step #2: Choose Your Lot and Your Model or Custom Design
There are currently twelve vacant Lots available at Waimea Parkside. Once the location is determined, the design build and budget details are discussed and outlined. This information is then used by the Developer to generate a Letter of Intent for mutual agreement.
Step #3: Developer Provides a Letter of Intent Specific to Your Vision and Budget
The Letter of Intent is a document that outlines the chief terms of the prospective transaction between the Developer and the Buyer who intend to formalize a legally binding agreement. Once this is established, the execution begins by way of a formal Purchase Contract.
Step #4: Upon Mutual Agreement a Purchase Contract is Executed
When developer financing is being utilized, a Purchase Money Mortgage Addendum is included with the Purchase Contract. A Purchase Money Mortgage is a form of Seller Financing in which a Mortgage and Note are drawn up by an attorney during the escrow process. It is very similar to what you would have with a large bank or mortgage lender, however, in this case the Mortgagor is the Buyer and the Mortgagee is the Seller.
Upon completion of construction, the Purchase Money Mortgage will be paid in full by the Buyer by way of permanent financing with a Lender of Buyer’s choice. It is important to note that the Buyer must be pre approved for permanent financing at the time the Purchase Contract is executed.
Step #5: Escrow is Opened and the New Construction Process Begins
If applicable – payments begin for developer financing when escrow is opened, and below is an example of the payment schedule during construction.
- 15% Non refundable down payment (vacant lot plus home construction)
- 25% Financed upon construction commencement
- 25% Financed upon completion of framing, electrical rough-in and plumbing
- 25% Financed upon completion of roofing, window and drywall installation
- 10% Financed due upon completion
Step #6: Upon Final Inspection, Escrow Closes and the Sale is Recorded at the Bureau of Conveyances
You are now a new homeowner in the wonderful Waimea Parkside community!
Home Sweet Home!
Want to Know More About Waimea Parkside?
Learn about all the custom design features offered at Parkside here Quality From the Ground Up, and check out this blog ‘Why Waimea Parkside’ plus our many other blogs about Parkside at HawaiiLife.com.