Speak the language
New-construction glossary: terms explained
Builders, lenders, and agents throw a lot of vocabulary around, and most of it is simpler than it sounds. This alphabetical glossary defines the terms you will meet when buying a new CBH home, in the same plain language the team uses with buyers every day.
- Base price
- The starting price of a home before lot premiums, upgrades, and options are added. It is the floor, not the final number, so always ask for the full itemized price on the exact lot and plan.
- Build time
- How long construction takes from groundbreaking (or contract) to completion. It varies by plan, community, season, and builder schedule, so confirm the current estimate in writing for your exact home.
- Buyer's agent
- A licensed real estate agent who represents you, the buyer, rather than the builder or seller. On a new build, your agent negotiates your side, reads the contract with your interests first, and holds the builder accountable. See how it works with a buyer's agent on the process page.
- How it works
- CC&Rs
- Covenants, conditions, and restrictions: the recorded rulebook of a community that covers things like paint colors, fencing, parking, and landscaping. They run with the land and are enforced by the homeowners association. See the HOA guide for what to read before you buy.
- HOA guide
- Closing costs
- The fees paid at closing on top of the purchase price: lender fees, title and escrow charges, appraisal, recording, and prepaid taxes and insurance. They typically run a few percent of the loan and are itemized on your closing disclosure. The financing guide explains how they fit a new build.
- Financing guide
- Completion date
- The date the builder expects the home to be finished and ready for closing. It is an estimate, not a guarantee, so build some buffer into your move-out plans and get schedule updates in writing.
- Design center
- Where you pick the finishes and upgrades for your home: flooring, counters, cabinets, paint, fixtures, and more. Choices here are what push the price above base, so know the upgrade list and pricing before you walk in.
- Down payment assistance
- Programs that help with the down payment and closing costs, such as Idaho Housing and Finance Association assistance. Eligibility and amounts change, so confirm current terms with the program and a participating lender. See the Idaho first-time buyer programs guide.
- Idaho programs
- Earnest money
- A good-faith deposit you put down with the contract, credited toward your closing. The amount and the refund terms are set by the contract, so read how it is held and what happens if the deal falls through. The buying process page explains the contract step.
- How it works
- Escrow
- A neutral third party holds the money and documents during the transaction until every condition of the sale is met, then releases them at closing. Escrow also refers to the account where your lender holds property tax and insurance payments.
- For-sale inventory
- Homes that are complete or under construction and available to buy now, rather than built to your choices from scratch. Buying from for-sale inventory can shorten your wait, but it means the lot, plan, and finishes are already set. See what is selling in the communities guide.
- Communities guide
- HOA (Homeowners Association)
- The organization that manages common areas and enforces the rules of a planned community, funded by member dues. When you buy in an HOA community, membership comes with the deed. The HOA guide covers dues, CC&Rs, and reserves.
- HOA guide
- Incentives
- Promotions the builder offers to sweeten a purchase: rate buydowns, closing-cost credits, or appliance and design-center offers. They rotate often and are negotiable to some degree, so ask what is current and put it in writing.
- Inspection
- An independent, third-party review of the home at a construction milestone, such as pre-drywall or final, done by someone who works for you rather than the builder. The inspection checklist page covers what to look for at each stage.
- Inspection checklist
- Model home
- A decorated showcase home the builder uses to display a floor plan and upgrade possibilities. It is not necessarily for sale itself, and the finishes in it often cost extra. See where to tour models in the Treasure Valley.
- Model home tours
- Pre-approval
- A lender's written confirmation, after reviewing your income, credit, and debts, of the loan amount you qualify for. It tells you the price range you can act on and is the first step of a serious home search. Meet the mortgage partner the team recommends.
- Get approved
- Pre-qualification
- A lighter, often verbal estimate of what you might borrow, based on numbers you provide rather than a full underwriting review. It is a starting point for conversation, not a commitment to lend.
- Get approved
- Premium lot
- A lot priced above the base for a view, open-space backing, larger size, corner position, or desirable orientation. The upcharge is negotiable to some degree, and it is usually reflected in resale. See the lot selection guide for the trade-offs.
- Choosing your lot
- Punch list
- The list of unfinished, damaged, or incorrect items you and your agent document at the builder walkthrough for the builder to correct, ideally before closing. The inspection checklist page includes a practical punch-list checklist.
- Inspection checklist
- Rate lock
- A lender's agreement to hold an interest rate for a set period, usually covering your build or close timeline. Locking early can cost a fee; locking late risks a rate increase. Your lender advises on the timing. See the financing guide for how rate locks fit a new build.
- Financing guide
- Spec home
- A home the builder builds on speculation, without a buyer in place, to sell from inventory. Spec homes can mean a faster move-in and a more negotiable price, with less ability to customize. See the communities guide for what is selling now.
- Communities guide
- Walkthrough
- The guided final inspection of the home with the builder and your agent, close to closing, where you check the home against the contract and build the punch list. It is your last real chance to catch issues before you accept the keys.
- Inspection checklist
- Warranty
- The builder's written promise to fix certain defects for a set period after closing, covering structure, systems, and workmanship to different degrees. It is not a substitute for an inspection, and you should read exactly what it covers. The inspection checklist page explains warranty versus punch-list items.
- Inspection checklist
Still hearing a term you do not recognize? The team translates builder-speak and lender-speak into plain English on every call, and we never let a contract line go by unexplained. Ask us anything, no jargon and no judgment.
Ask us anything
Every contract line, explained
The team reads the builder's contract, the financing terms, and the HOA documents with you, line by line, before you sign. If a term confuses you, that is exactly why we are here.