BuyNewBuyNow™ wants you to know all the facts about new home ownership to help you make an educated decision when it comes time to make the biggest purchase of you life. We are here to help you make your home more than just a house. Buy new and buy now. It's the smart thing to do for people looking for equity, appreciation and money saving tax deductions. While some naysayers point to a softening of the new home market, the reality is that there has never been a better time to buy a new home.

Learn more about why a new home is right for you, and about the home buying process.

• It's a Great Time To Buy New
  
  
• New Home F.A.Q.
  
  
• Term Glossary

Occupancy Permit
A permit issued by the appropriate local governing body to establish that the property is suitable for habitation by meeting certain safety and health standards.

Offer
A promise conditioned upon some requested or asked for act or promise. An offer demonstrates intent by one party to form a contract with another party. In order to be effective, an offer must contain three essential elements: 1. An offer must be an expression of present contractual intent. This means that an advertisement or any other preliminary negotiation could not, as a general rule, be an offer. 2. An offer must be definite and certain in terms. Ordinarily an offer must include, either expressly or by implication, the following: A- Identification of the parties to the contract B. Description of the subject matter C. Time for performance D. Price It should be noted that the law will allow a reasonable time for performance unless the phrase time is of the essence is included which requires strict performance of all time obligations. The reader must also be aware of illusory offers. Illusory offers are those which do not really bind the offeror to any real commitment. 3. An offer must be communicated to the offeree. An offer ordinarily can only be effective when the offeror volitionally (voluntarily) communicates the offer.

Open-End Loan
A mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.

Open-End Trust Deed
An expandable loan in which the borrower is given a limit up to which he or she may borrow, with each incremental advance to be secured by the same trust deed.

Origination Fee
The dollar amount charged by a lender to cover the time and expenses incurred in arranging a loan. The fee covers such expenses as credit check, employment verification, and appraisal of the property. Normally the origination fee is stated as a percentage of the loan amount, for example, one percent.

Outstanding Balance
The remaining balance owed on a debt such as a mortgage loan.