Spec Home definition

Spec Home means any Home in a Qualified Project that is not a Presold Home or Model Home.

Spec Home means a single family residence constructed or to be constructed in an Approved Subdivision which is not the subject of an Approved Sales Contract, whether or not the construction thereof is funded by Lender, including a Model Home. With respect to Spec Homes financed hereunder, the term “Spec Home” includes the Lot upon which such Home is located.

Spec Home means any Home in the Project for which a Purchase Contract does not exist.

Examples of Spec Home in a sentence

• Any lot owner having title to a single lot may receive a permit to build a Spec Home.

• Subject to the terms governing the return of the Xxxxxxx Money Deposit set forth in Sections 9 (Completion/Closing Date), Section 11.3 (Right to Cure), Section 11.5 (Common Interest Community), Section 14.1.2 (If Seller is in Default), and Section 18 (Termination by Seller), the Xxxxxxx Money Deposit is subject to one of the two paragraphs below: Spec Home.

• We also recommend that the City of Rugby and the Rugby JDA create a Spec Home Incentive Program that provides incentives for spec home construction.

• Nelson reported that Dan was interested in doing Spec Home in the subdivision.

• To view only the New Home Source Pro information, select “New Home Source Pro” under the MLS field.The Full Property View has been updated to display additional New Home Source Pro information.• When viewing a Plan or Spec Home, a link to the Community listing is available,along with a link to the community’s website.• Agents can also click the “View on New Home Source Pro” link to view thecorresponding community, plan, or spec home in New Home Source Pro.

More Definitions of Spec Home

Spec Home means a type of new home already constructed by a contractor with the intent to sell. It includes the lot on which the home is built.

Spec Home means a Unit immediately available for sale, but for which a purchase contract reasonably satisfactory to the Administrative Agent has not been signed.

Spec Home any Housing Unit which is not a Model Home and which is not subject to a bona fide written agreement for sale and purchase, between the Borrower or any of its Subsidiaries which is a Loan Party, as seller, and a Person, other than an Affiliate of the Borrower or any such Subsidiary, as buyer, entered into in the ordinary course of business, under which a cash xxxxxxx xxxey deposit or down payment in an amount customary for the locale has been paid, and that is subject only to customary contingencies to the closing of the agreement and the buyer's purchase obligation.

Spec Home means a Home that is not a Sold Home (and shall not include a Model Home).

Spec Home is a Home constructed by Builder on a Lot owned by Builder which is not utilized by Builder as a Model Home for ultimate sale to a Buyer.

Spec Home means a private single-family residence constructed by a builder or individual for sale on the open market and not built for an individual for immediate occupancy.

Spec Home means a home owned by and registered in the name of Borrower that is intended to be immediately sold, but for which Borrower has not received and approved an accepted offer to purchase for the home. Removal of loans from this status must be supported by evidence of an unconditional offer to purchase with an arms length third party purchaser who has provided a non-refundable deposit of at least 10% (at least 5% if the purchaser is obtaining an insured mortgage).