Terms Dictionary

Terms & Words of the Home Building Industry

Accent Painting.  Accent painting is often used to highlight a wall or room with color.  Rooms typically considered for accent painting are baths, powder rooms, and breakfast nooks.

Bonus Room.  A room, generally located above the garage, used as a play room, hobby room, guest room, etc.

Builder.  Omega’s on-site professional who supervises the construction and completion of your new home.

Buyer Guide.  A binder, presented to you at Contracting, by Omega Builders, that contains copies of the Contract Documents and useful information about the building / buying process.

Change Order.  Any changes to the Purchase Agreement, plans, specifications or selections, after Contracting, requires a written Change Order, signed by you and Omega, detailing the change.

Closing.  Final Closing will be scheduled, at the title company, following approval of your financing, or new home completion, and takes place at the office of the Title Company.  Loan documents will be signed, down payment and closing expenses paid and title transferred.  You will also receive your Omega Owner’s Manual and the keys to your new home.

Conventional Loan.  A loan made by a bank, savings & loan or mortgage lender to purchase a home.

Customer Relations Manager.  The Omega Builders professional responsible for managing and coordinating completion of warranty service requests.

Design Studio.  Our Designer, Rachel White will meet with you in our Design Studio, located in the Omega office, at 7353 West Adams in Temple, TX.  Here you will custom-design your new home from the many choices of building components and finishes on display.

Earnest Money.  A good faith deposit of additional funds, usually made after certain ‘milestones’ of the building or buying process, usually made prior to installation of custom features in the new home.

Energy Star Program.  A joint program of the U.S. Environmental Protection Agency and the U.S. Department of Energy helping us all save money and protect the environment through energy efficient products and practices.  Every Omega Home is Energy Star certifide to meet ore exceed their rigid standards.

Energy Super Star.  This program is an Omega Builders option that builds on the Energy Star standards.  It includes ‘Insulated Concrete Form’ exterior walls and other features that afford owners with as much as 70% in energy savings.

FHA Loan.  A mortgage loan, partially guaranteed by the Federal Housing Administration, usually with a lower down payment than Conventional Loans.

Flex Room.  Flex rooms are rooms that can be utilized to suit the owner’s lifestyle, whether as a study, nursery, media, or hobby room.

Limited Warranty.  At Contracting, you will receive a specimen copy of the ‘Home of Texas – Residential Warranty Corporation’ Limited Warranty that will be issued at Closing.  The Limited Warranty describes your new home warranty coverage in detail.

Loan Commitment.  A commitment, by a mortgage lender to facilitate the purchase of a new home, that details the terms and conditions under which they commit to make a mortgage loan.

Loan Commitment Letter.  A letter from a mortgage lender detailing the terms of the Loan Commitment.

Loan Consultant.  Your design consultant will assist in choosing the lender that is best suited to fill your home mortgage needs, from one of our outstanding local lenders.  You will meet with one of their professional Loan Consultants to secure the best terms and qualify for the loan that best suits your requirements.

New Home Consultant.  Omega Design Consultants assist you, every step of the way, through the buying or building process.  Their first charge is to find that home or home plan that is right for you, then they guide you through the process and are there with the keys to your new home at final closing.

Options, Custom.  When building or buying a substantially unfinished home, you may choose to negotiate Custom Options (changes) to the plans or design of the home.

Options, Standard.  When building or buying a substantially unfinished home, Omega standard options are available for your consideration.

Orientation.  A briefing on your new home, its’ features and how they operate.

Orientation & Walk-through Inspection.  You will meet with your Builder, about a week before Closing, for an Orientation and Walk-through Inspection of your new home.

Owner’s Manual.  A binder with instructions on the care of your new home and including equipment operating manuals and other reference material you will find useful.

Plan, Floor.  A dimensioned drawing of your new home that includes location of features, including: walls, ceiling height, floors, cabinets, electrical, plumbing and air conditioning.

Plan, Elevation.  One-dimensional views of the way your new home will look from each side.

Pre-Construction Meeting.  A meeting of the Builder and New Home Consultant to review the features of your new home, prior to beginning construction.

Pre-qualified Buyer.  A buyer that has provided a Loan Consultant with basic income/debt information to determine the price home they can afford.

Progress Payments.  Payments, generally a part of your down payment, made to Omega upon completion of a predetermined construction milestone set forth in the Purchase Agreement.

Purchase Agreement.  A package of documents that describes the purchase terms, specifications and plans of your new home.

Punch List.  A list of new home components, generated by you and your Builder, that are incomplete or require additional attention.

Real Estate Broker.  A licensed professional that employs Real Estate Agents to market and/or sell real estate.

Real Estate Agent.  A licensed professional, licensed by the state of Texas to market and/or sell real estate.

Real Estate Commission.  A fee, normally paid by the Seller to a Real Estate Broker and their agent for selling real estate.

Selections.  Finishes, determined by you when building or buying a substantially unfinished home.

Specifications.  A document that details all of your new home components.  They form a vital component of your Contract Documents when building or buying a substantially unfinished home.

Title Company.  The Title Company issues a policy of title insurance, prepares paperwork and conducts the Closing at their office.

Title Policy.  An insurance policy that insures that you receive ‘good title’ to your new home.

VA Loan.  A mortgage loan partially guaranteed by the U.S. Department of Veteran’s Affairs.