easement - A right given to a third party to use a portion of property for certain purposes, such as power lines or water mains.

elevation -The exterior face of a home, including the materials. The floor plan will consist of 3 or 4 different architectural styles, in addition to a selection of colors for each of elevation plan.

framing -The construction of the skeleton structure, or framework, of a house.

floor plan -An architectural drawing showing the overall layout of a home. The size and shape of each room, as well as any optional configurations of those rooms, are shown on the floor plan.

HOA Homeowners Association In many new communities, an association of homeowners is formed. The Homeowners Association is responsible for enforcing the rules and regulations of the community, and also for the maintenance and upkeep of any common areas, including community centers, swimming pools, health club facilities and landscaping.

LID (Local Improvement District) A Local Improvement District is an arrangement between property owners in a specified neighborhood (district) that provides for the funding of improvements to that district. Improvements can be to the roadway and drainage (i.e. paving, adding curbs/gutters, or simply chip-sealing). Or it can be for public utilities such as installing a city sewer system. The LID fee is added to your monthly mortgage payment.

lot premium  -A charge paid by the buyer of a special lot that is either larger or in a more desirable location than the other home sites in the community.

lot  -Each new community is divided into individual platted lots. The lots are divided into square footage or acreage.

master plan community A large community, with homes built by several different builders, in a wide variety of prices. Master plan communities usually include community centers, pools and other recreational facilities. Often there are commercial districts with shopping and entertainment within the master plan.

option - An item in a home that is not a standard feature.

phase  -A group of home sites within a community. Most homebuilders sell all the lots within the current phase before moving on to the next phase of the community. The benefit to the homebuyer is that construction activity is focused in one small area at a time. So when you move in to your new home, most of the construction for neighboring homes will already be complete. Builders "release" a new phase when the current phase is almost sold out. This means that there is now a completely new selection of lots, available for purchase.

plan  -A detail layout of a house.

punch list  -A written list of items which need to be fixed, repaired or replaced prior to the final walk-through.

reservation  -A non-binding agreement to purchase a home at a future date. Often, a reservation is taken for a specific lot in an upcoming phase, giving the buyer the first opportunity to purchase that lot when the phase is released. A reservation usually requires a deposit.

standard feature -A specific item that is automatically included when you purchase a new home. Standard features may include a specific style of cabinets, or a specific type of countertops.

upgrade  -Often a homebuyer can choose to upgrade to a higher level of material or style in several areas of their home (e.g., granite countertops instead of Formica, or hardwood floors instead of carpet) at an additional cost.

walk-through  -A buyer's final inspection of a newly built home prior to move-in. At Style Home Builders, the walk-through includes an orientation with instructions on how to maintain certain items in the new home, as well as a review of the 10-year limited warranty coverage.

warranty  -A plan to fix or repair specific items of your home according to the warranty terms. At Style Home Builders, we offer a 10-year limited warranty that includes a 10-year structural warranty; a two-year warranty on electrical components, heating or cooling systems, and plumbing; and a one-year warranty for all other components of the home. All elements of the warranty are reviewed with the homeowner at the time of the walk-through.