Frequently Asked Questions

Click any specific question below to open our most current response. We've grouped the items into seven categories for easy access. We’ll try to update this list of questions and answers as new information becomes available. Please note that this information is subject to change without notice, so if you have a question that is not addressed here, please contact us at your convenience.

The Community

Where are Draper Creekside Townhomes located?
The registered address of the Sales Model and Office is 36 East Yellow Cliff Drive, Draper UT 84020
How many residences will Draper Creekside Townhomes have?
We anticipate building forty-four townhome residences.Additional land adjacent to the current parcels owned by the Developer may become available in the future and potentially purchased by the Developer in order to expand Draper Creekside Townhomes. In such an event, the newly added residences would be anticipated to also be townhomes, and of a character and pricing consistent with the initially developed property.
Where are the public schools near Draper Creekside Townhomes, and what is the name of the school district?
Draper Creekside is located within the Canyons school district. District offices are located at 13288 S. Lone Rock Dr. (465 E.), Draper 84020. The district's website address is http://www.canyonsdistrict.org. School information is provided using currently available public information; prospective owners are encouraged to verify this data prior to committing to a purchase at Draper Creekside.

Elementary School: Willow Springs Elementary School
13288 South Lone Rock Drive (465 East)
Draper 84020
(801) 826-9700
http://willowsprings.canyonsdistrict.org/

Middle School: Draper Park Middle School
13133 South 1300 East
Draper 84020
(801) 826-6900
http://draperpark.canyonsdistrict.org/

High School: Corner Canyon High School (is a brand new school in Fall 2013)
12943 South 700 East
Draper, UT 84020
(801) 826-6400
http://cchs.canyonsdistrict.org/

Charter School: Channing Hall (K through 8th Grade)
13515 South 150 East
Draper, Utah 84020
(801) 572-2709
http://channinghall.org

Pre-School & Day Care: Skool Days Child Care Center
146 East 13200 South
Draper, UT 84020
(801) 495-1700
skooldays.org
Is public transit easily accessible?
Yes, public transit options are plentiful within a few minutes’ drive of Draper Creekside Townhomes. This includes TRAX light rail, FrontRunner commuter service and UTA Bus service. Visit our Mass Transit Options page to view maps and info
Will there be guest parking on site?
Yes, we have planned eleven Guest Parking spaces for the community. Each residence will also have a minimum sized driveway of 16 feet by 20 feet which can be utilized for additional guest parking for the residence.

Pre-Sales Period

What is the “Pre-Sales” period?
It is the time during which the developer is able to provide a buyer with the opportunity to pre-select a building lot, residential floorplan and finishes, and execute a Real Estate Purchase Contract outlining the construction, pricing and expected delivery date of that home.
When will I know what the unit pricing for Draper Creekside will be?
Unit pricing for residences 1 through 26 is available on this website by visiting our Pricing and Availability page. Pricing for residences 27 through 44 will be determined and released on this website at a future date once the developer has pre-sold or sold most of residences 1 through 20. This is done in order to allow construction to proceed in an orderly manner and with as much efficiency as possible.
Will pricing increase as more residences are sold at Draper Creekside?
We continuously monitor variables such as market conditions, sales, competitive pricing and our own scarcity for when to make any price adjustment. At this time we anticipate a gradual increase in unit prices on unsold inventory as residences are sold. As an example, please consider pricing of airline seats and hotel rooms. As the plane or hotel fills up, pricing generally increases.

As a guideline, we expect the adjustment to any given townhome to be within the $1,000 to $3,000 range at the time of each change for each residence being changed.

Past sales results are not a guarantee of future performance. The Developer reserves the right to reduce unit pricing offered without notice on any remaining unsold inventory.
Will the Developer limit the number of residential townhome units that any one Buyer will be allowed to purchase?
Yes. During our pre-sales period the Developer plans to limit any one purchaser (whether an individual or a business entity on title) to a maximum of two residences.

Residences and Finishes

Will I be able to choose paint, carpet, or upgrades in appliances and other interior features?
Yes, if you order them in time from the developer's list of upgrade offerings. At the time you are prepared to contractually commit to a residence the development team will be able to provide current status on the finishes planned or purchased for that specific townhome.

In order to efficiently maintain our construction schedule and volume pricing on finish items and appliances, we are happy to accommodate such requests provided doing so does not delay the construction schedule or cause the loss of any volume pricing from suppliers to the project.
What appliances are included with each unit?
Whirlpool Stainless Steel Dishwasher, 30 inch Gas Range & Oven, Combination Microwave / Range Hood, and an In-Sink Disposal.

We are also offering appliance upgrade packages from KitchenAid. These can be ordered in 30" or 36" range sizes (as long as our custom ordered cabinetry is available in 36" opening). Call for details on KitchenAid appliance upgrades and to check our remaining inventory that can permit a 36" range.

We are also offering as upgrades Stainless Steel Refrigerators and Washer / Dryer packages to compliment the base or upgrade appliances already in the unit.

The cost of these packages can customarily be built into one's unit purchase price and financed through the mortgage. Ask your lender for details.
Will the residences come with Energy Star rated appliances?
Yes, these will be standard.
What systems are being installed for telephone, TV, Internet Access and Security?
We will wire Draper Creekside Townhomes for landline telephone/fax (CenturyLink), cable television (Comcast), satellite television (DirecTV), and broadband internet (Comcast or Clear). Owners will be able to have security systems installed in their townhomes once they take Possession from the developer. Many good wireless alarm systems are available on the market for reasonable cost.
Will I pay just for my own utilities?
Yes. Each townhome will have its own 90% (efficiency rating) furnace, hot water heater, air conditioning, and electrical systems and service. You will be billed directly by the utility companies once you set your personal account up with them and move in.
How energy efficient will the heating system be in the home?
All residences come standard with premium grade LENNOX 93% efficiency furnaces and 14 SEER central air conditioning units.
Will DirecTV satellite programming be available at Draper Creekside?
Yes, we plan for DirecTV to be installed at Draper Creekside using a "MDU" (multi-distribution unit) system. This will allow each unit to receive programming throughout their residence without having to pay for or have installed a separate satellite dish. One dish for each building (meaning each four-plex or six-plex structure) will be installed on the roof to serve all units in that structure.

If bundled service is ordered in the future, either by the Developer or by the Homeowners Association once the HOA is turned over to owners, the fee (estimated at $35/month/residence) would be added to the monthly HOA dues rate in order to provide discounted television programming to all residences. Also, if deploying bundled service each unit at Draper Creekside would likely use DirecTV for television programming (in this event Comcast would not be used on site for TV programming). High-Definition TV (HQUESTIONV) programming would be ordered for all in the event that a bundled service were ordered by the Developer. If later a bundled service were purchased by the Homeowners Association, it would be left to the owners collectively (in a vote) whether to have HQUESTIONV or standard definition programming at the community.

Owners can still order Comcast cable modem hi-speed internet service in their residence, or other services that may become available to Draper Creekside in the future.
What will my internet service options be at Draper Creekside?
Your primary options for hi speed internet service will be through Comcast (cable modem) and CenturyLink (DSL).
How good will my cellular phone service be at Draper Creekside?
At this time (April 2014), cellular service is 4G at Draper Creekside. Both Verizon and T-Mobile provide full-strength 4G service at the property address. We advise checking your own service's signal strength either by personally visiting the property site (always the best option) or visiting your provider's website and examining their "coverage map" prior to making any commitment to purchase at the community.
Will there be traditional "landline" telephone service provided to Draper Creekside?
Yes. We plan to have CenturyLink provide landline service to the property's residences. Contact CenturyLink for details.
Will high-speed Fiber Optic phone and data lines be used at Draper Creekside?
Yes. Draper Creekside is being built with Fiber Optic cabling throughout the community for fastest possible data connectivity. There will be no additional cost to the Owner for this service.
Will Surround Sound wiring be pre-wired into each residence, or available as an upgrade?
Yes, each townhome is expected to also come standard with a 5.1 Surround Sound pre-wire package in the residence's main Living Room area.

We also are considering pre-wiring for Wifi-enabled speaker systems (such as Sonos), which require electrical wiring installed and powered to the speaker location(s).
Do Draper Creekside Townhomes come with a security system?
Draper Creekside residences come individually pre-wired for alarm systems through a local security system subcontractor. Residences are not finished out with sensors or other alarm system monitoring equipment. To activate a unit's alarm system and subscribe for monitoring the owner will simply contact the subcontractor to arrange for equipment and service monitoring. Alternatively, they may opt to use another security system monitoring service of their own choosing (may require a rewire of the unit or use of a wireless system).

Each residence does come with two programmable remote controls for the private two car garage, as well as one code panel affixed to the exterior wall of the garage that is also programmable. Additional remotes can be purchased following Closing through the manufacturer or a local home supply store.
Where are the Laundry Rooms located in the townhome?
We have designed the laundry rooms to be closest to the Master and Second Bedrooms. Therefore, the laundries are located on the top floor of each townhome.
Will there be owner storage at Draper Creekside Townhomes?
We have oversized the built-in garage spaces that come with each residence to accommodate shelving and other storage solutions desired by an owner.

Upgrades

Will I be able to choose paint, carpet, or upgrades in appliances and other interior features?
Yes, if you order them in time from the developer's list of upgrade offerings. At the time you are prepared to contractually commit to a residence the development team will be able to provide current status on the finishes planned or purchased for that specific townhome.

In order to efficiently maintain our construction schedule and volume pricing on finish items and appliances, we are happy to accommodate such requests provided doing so does not delay the construction schedule or cause the loss of any volume pricing from suppliers to the project.
What appliances are included with each unit?
Whirlpool Stainless Steel Dishwasher, 30 inch Gas Range & Oven, Combination Microwave / Range Hood, and an In-Sink Disposal.

We are also offering appliance upgrade packages from KitchenAid. These can be ordered in 30" or 36" range sizes (as long as our custom ordered cabinetry is available in 36" opening). Call for details on KitchenAid appliance upgrades and to check our remaining inventory that can permit a 36" range.

We are also offering as upgrades Stainless Steel Refrigerators and Washer / Dryer packages to compliment the base or upgrade appliances already in the unit.

The cost of these packages can customarily be built into one's unit purchase price and financed through the mortgage. Ask your lender for details.
Will Surround Sound wiring be pre-wired into each residence, or available as an upgrade?
Yes, each townhome is expected to also come standard with a 5.1 Surround Sound pre-wire package in the residence's main Living Room area.

We also are considering pre-wiring for Wi-Fi-enabled speaker systems (such as Sonos), which require electrical wiring installed and powered to the speaker location(s).
Can I make custom changes to my floor plan?
Prior to the time you "Close" on the purchase of a townhome at Draper Creekside the developer will consider nominal changes that aren't planned already as upgrade options on a case-by-case basis. Any such changes will be estimated for cost and scope of work, and presented to Buyer. If Buyer approves these changes, then developer will perform the changes as part of the build out of the townhome. The Buyer will be required to deposit 100% of the signed estimate costs for such custom upgrades prior to developer commitment to making such changes.

Once the townhome sale is Closed and the Buyer becomes the Owner, the Owner may perform desired changes to their residence's floor plan or other interior items (i.e., finishes, etc.) provided they conform to any requirements and restrictions defined by local building codes, the project's Declarations ("CC&R's"), Rules and Regulations, or other governing documents and laws.
Will I be able to install an Electric Range later in my townhome?
Yes. Upgraded 220 volt service may be installed in the kitchen as an upgrade item.
Will I be able to negotiate the pricing of a unit, the upgrades, or any other terms of the contract?
We will review all reasonable offers, and will respond to those that the Developer considers to be made in good faith and that have a high likelihood of reaching Acceptance, in our opinion. That said, there have been no pre-sales at Draper Creekside that have been accepted for less than the price offered on our website by the Developer. We will not negotiate pricing or specifications of the Upgrade items we offer unless we do so through a Change Order (which incurs a Change Order fee in addition to revised upgrade costs & specs).

We strive always to build value-leading townhome residences and communities that are priced to not only be among the best options for active Buyers, but to be the best value among our competing residential communities.
If I order any upgrades, when will I have to pay for them?
If you select from our listed set of upgrades (Schedule A), then we will require a 50% deposit at time of your order. The remaining 50% will be due at Settlement (Closing).

If you request and developer agrees to furnish any upgrades in the residence that are not on the Schedule A upgrade list, then 100% of the agreed to price of such upgrade(s) will be due at time of the order.
Can my upgrades be included in the mortgage so that I am able to finance my upgrade costs?
Typically, yes, but check with your lender. Each of our Preferred Lenders are aware of our upgrade program, and appraisers should be able to accommodate increased values of upgraded townhomes as required (although there is no guarantee of this). Selected upgrades will be part of the purchase contract, outlined in an Upgrade Addendum ("Schedule A"), which will specify each upgrade selected and the cost of each upgrade.

Because 50% of a buyer's upgrade expense listed on the Schedule A will be due at the time they are ordered the buyer will have to advance a portion of the funds. Upgrade funds paid by buyers will be delivered to the Developer to be used during construction. This will help pay the contractors for the unit upgrades installed in the residence and for other expenses incurred at the sole discretion of the Developer. The remaining balance due (the other 50% of upgrade costs) will be collected from the Buyer at Closing unless otherwise required by the Developer (i.e., custom items, etc. that may require full prepayment).

The buyer may then be reimbursed (given a check) for the cost of prepaid upgrades at Closing by the title company if the cost of upgrades is included in the loan amount. Ask your lender for details on the loan underwriter's policy prior to committing to any lender or to Draper Creekside Townhomes if such reimbursement is material to your decision whether or not to purchase a residence at the project.
Will I be allowed to do any of the upgrades on my own or hire my own subcontractor to work on the townhome?
Not prior to the time of Settlement and your legal Possession of the residence. Due to liability issues any customization of a townhome must be performed after the unit has been sold and Closed. At that time the owner may customize the unit provided doing so complies with guidelines established in the Homeowners Association documents.

Pricing and Financing

What factors determine the pricing of a Draper Creekside Townhome?
Our unit pricing is primarily guided by five criteria:
  • Interior Square Footage of the unit
  • Whether the unit is an end unit or not
  • Location of the unit within the complex
  • Views from the unit
  • Projected "scarcity" of the unit relative to market demand
Scarcity is defined here as the relative perceived shortage or excess of supply of this type of townhome when compared to other similar townhome units in the local area.
Is any kind of special financing available for buyers at Draper Creekside Townhomes?
Draper Creekside has selected a leading lender to be our Preferred Lender based on their record of offering great client service as well as highly favorable loan terms to the borrower. They are Axiom Home Loans and Bank of American Fork.

Given the size of the Draper Creekside project, we have also been able to negotiate special Rate Lock programs with them which will allow a buyer to lock in one of today's low interest rates for months while we complete construction of their residence. Inquire with one or each of these lenders for more information.

Our contact at Academy Mortgage is Tina Zakraisek ("Zak"), Senior Mortgage Officer, and she can be reached at (801) 859-7475 or via email at: tina.zakraisek@academymortgage.com. Or just visit their website directly at: www.AcademyMortgage.com/tinazak
Will Draper Creekside Townhomes have a Preferred Lender for mortgage financing of residences?
Yes, we anticipate having two Preferred Lenders in order to best serve the needs of our buyers. At this time we anticipate using Axiom Home Loans and Bank of American Fork as Preferred Lenders. More information on these solid local market lenders can be found in the Financing Options of this site – under the Sales Center tab.

Both Preferred Lenders have agreed to offer Draper Creekside buyers a special Loan Origination Rate of 0.5% percent – a 50% discount off of the normal rate. This alone could save you over a thousand dollars. Preferred Lenders may also offer our buyers extended Rate Lock terms and a special "Float Down" option as well.

We suggest you contact these lenders and any others you may be interested in obtaining financing quotes from for their terms and conditions. As always, a lender will only offer financing upon full credit approval.
What advantages will Academy Mortgage offer that other mortgage lenders will not be able to provide?
Benefits of using our preferred lender includes:
  • Offer qualified buyers at Draper Creekside a specially discounted loan origination fee of 1/2 of one percent rather than the standard one percent origination fee
  • Priority loan servicing ensuring you excellent customer service
  • They offer highly competitive rates with low fees and other costs to the borrower
  • FNMA and Freddie Mac approved conventional financing as well as alternative loan programs for those with lower FICO scores
  • Draper Creekside Townhomes should qualify for FHA and VA mortgage financing for borrowers preferring those loan programs


Our contact at Academy Mortgage is Tina Zakraisek ("Zak"), Senior Mortgage Officer, and she can be reached at (801) 859-7475 or via email at: tina.zakraisek@academymortgage.com. Or just visit their website directly at: www.AcademyMortgage.com/tinazak
What will the required Earnest Money and Construction Deposits be?
Our goal is to make Draper Creekside affordable and accessible to as many as possible while ensuring that there is legitimate interest and ability on behalf of the buyer in buying one of our homes.

Therefore, we are keeping our required Earnest Money deposits to $2,000 per residence at this time. We will additionally require a Construction Deposit of $1,500 at a later date (once already Under Contract).

This brings total deposits required (unless ordering any upgrades to the residence) of $4,000 per townhome.
Can my upgrades be included in the mortgage so that I am able to finance my upgrade costs?
Typically, yes. Our Preferred Lender is aware of our upgrade program, and appraisers should be able to accommodate increased values of upgraded townhomes as required (although there is no guarantee of this). Selected upgrades will be part of the purchase contract, outlined in an Upgrade Addendum ("Schedule A"), which will specify each upgrade selected and the cost of each upgrade.

Because 50% of a buyer's upgrade expense listed on the Schedule A will be due at the time they are ordered the buyer will have to advance a portion of the funds. Upgrade funds paid by buyers will be delivered to the Developer to be used during construction. This will help pay the contractors for the unit upgrades installed in the residence and for other expenses incurred at the sole discretion of the Developer. The remaining balance due (the other 50% of upgrade costs) will be collected from the Buyer at Closing unless otherwise required by the Developer (i.e., custom items, etc. that may require full prepayment).

The buyer may then be reimbursed (given a check) for the cost of prepaid upgrades at Closing by the title company if the cost of upgrades is included in the loan amount. Ask your lender for details on the loan underwriter's policy prior to committing to any lender or to Draper Creekside Townhomes if such reimbursement is material to your decision whether or not to purchase a residence at the project.

Are buyers required to use the Draper Creekside's Preferred Lender for financing? No. We want you to have the widest range – and best – choices for obtaining low-cost mortgage financing for your Draper Creekside residence. So feel free to look around and work with whomever you most prefer.

However, if the Developer offers any incentives or promotions to Buyers then a condition of qualifying for such a promotion or incentive will likely be that the Preferred Lender be used.
Will Draper Creekside be "platted" as a Planned Unit Development (a "PUD") or as a condominium?
Draper Creekside is platted as a Planned Unit Development, not as a condominium.
Will Draper Creekside be "FHA Approved" for mortgage loans?
Yes, Draper Creekside is expected to meet all criteria set forth by HUD (federal agency), which governs FHA insured loans throughout the USA. Check with our Preferred Lender for specific terms and conditions.
Will Draper Creekside be approved for "VA" mortgage loans?
Yes, we anticipate that Draper Creekside will also meet all criteria to be able to allow lenders to provide VA (Veteran's Administration) loans to qualified borrowers. Check with one of our Preferred Lenders, or one of your own choice, for specific terms and conditions.
Are there any financing assistance programs for low-income households?
Yes, we suggest you contact our Preferred Lender or the Utah Housing Corporation, a local non-profit that provides these programs, to ask about low down payment programs they are offering. The can be found at http://b2b.utahhousingcorp.org/HTML/homebuyer.shtml.

Additionally, we suggest you contact our Preferred Lender to inquire about other low down payment programs they are offering to qualified borrowers.
Will there be any "Escalation Clauses" in the Purchase Contract to protect the developer against future price increases while constructing Draper Creekside Townhomes?
Not at this time. We do not plan to include an "escalation clause" in any Draper Creekside Purchase Contract. However, if market conditions change and it becomes necessary to add an Escalation Clause to the Purchase Contracts of unsold townhomes, we reserve the right to do so for residential units that are not yet Under Contract (Pending). In that circumstance, all previously sold or presold units would continue to not have Escalation Clauses.

Although it is common in the current era of unpredictable labor and materials markets for a developer to require buyers at a development such as Draper Creekside to accept escalation clauses in the Purchase Contract (which would require the buyer to pay more for their townhome if construction costs exceed certain limits), the developers of Draper Creekside Townhomes have elected to do the work now to lock in all costs to the degree possible. They then take the risk of further increases by not forcing buyers to accept escalation clauses as a condition of purchase.

If I order any upgrades, when will I have to pay for them?

If you select from our listed set of upgrades (Schedule A), then we will require a 50% deposit at time of your order. The remaining 50% will be due at Settlement (Closing).

If you request and developer agrees to furnish any upgrades in the residence that are not on the Schedule A upgrade list, then 100% of the agreed to price of such upgrade(s) will be due at time of the order.
Will I be able to negotiate the pricing of a unit, the upgrades, or any other terms of the contract?
We will review all reasonable offers, and will respond to those that the Developer considers to be made in good faith and that have a high likelihood of reaching Acceptance, in our opinion. That said, there have been no pre-sales at Draper Creekside that have been accepted for less than the price offered on our website by the Developer. We will not negotiate pricing or specifications of the Upgrade items we offer unless we do so through a Change Order (which incurs a Change Order fee in addition to revised upgrade costs & specs).

We strive always to build value-leading townhome residences and communities that are priced to not only be among the best options for active Buyers, but to be the best value among our competing residential communities.
Will I know if a price increase is going to be imposed by the Developer or be "grandfathered" at a lower price if I've previously inquired about Draper Creekside?
No. Because our inventory supply is limited to the relatively low number of townhomes being built, we expect to incrementally increase the price of all remaining inventory at any time without notice. These incremental price increases would be anticipated to be in the $1,000 to $3,000 per residence, per increase range each time.

Past sales results are not a guarantee of future performance. All unit pricing is closely monitored to reflect current market conditions and sales forecasts by the Developer. The Developer reserves the right to reduce unit pricing offered without notice on any remaining unsold inventory.

Purchasing a Townhome

What factors determine the pricing of a Draper Creekside Townhome?
Our unit pricing is primarily guided by five criteria:
  • • Interior Square Footage of the unit
  • • Whether the unit is an end unit or not
  • • Location of the unit within the complex
  • • Views from the unit
  • • Projected "scarcity" of the unit relative to market demand
Scarcity is defined here as the relative perceived shortage or excess of supply of this type of townhome when compared to other similar townhome units in the local area.
Will there be any "Escalation Clauses" in the Purchase Contract to protect the developer against future price increases while constructing Draper Creekside Townhomes?
Not at this time. We do not plan to include an "escalation clause" in any Draper Creekside Purchase Contract. However, if market conditions change and it becomes necessary to add an Escalation Clause to the Purchase Contracts of unsold townhomes, we reserve the right to do so for residential units that are not yet Under Contract (Pending). In that circumstance, all previously sold or presold units would continue to not have Escalation Clauses.

Although it is common in the current era of unpredictable labor and materials markets for a developer to require buyers at a development such as Draper Creekside to accept escalation clauses in the Purchase Contract (which would require the buyer to pay more for their townhome if construction costs exceed certain limits), the developers of Draper Creekside Townhomes have elected to do the work now to lock in all costs to the degree possible. They then take the risk of further increases by not forcing buyers to accept escalation clauses as a condition of purchase.
What kind of special financing is available for Draper Creekside Townhomes?
Draper Creekside has selected two leading local area banks to be our Preferred Lenders based on their records of offering great client service as well as highly favorable loan terms to the borrower. They are Axiom Home Loans and Bank of American Fork.

Given the size of the Draper Creekside project, we have also been able to negotiate special Rate Lock programs with them which will allow a buyer to lock in one of today's low interest rates for months while we complete construction of their residence. Inquire with one or each of these lenders for more information.

Our contact at Axiom Home Loans is Rod Morley, President, and he can be reached at (801) 434-7337 or via email at: rod@axiomhl.com. Or just visit their website directly at: www.axiomhl.com

Our contact at Bank of American Fork is Scott Smith, Mortgage Loan Officer, and he can be reached at (801) 428-0803 or via email at: scott.smith@bankaf.com. Or just visit their website directly at: www.bankaf.com
Are buyers required to use either one of Draper Creekside's Preferred Lender for financing?
No. Buyers may select any qualified mortgage lender that they wish to work with. However, if the Developer offers any incentives or promotions to Buyers then a condition of qualifying for such a promotion or incentive will likely be that one of the Preferred Lenders are used.
What advantages will Academy Mortgage offer that other mortgage lenders will not be able to provide?
Aside from the primary benefit of being able to close the loan at terms the buyer has agreed to well in advance, we have also been able to negotiate special extended term "Rate Lock" programs with Academy Mortgage. These types of programs allow the buyer at the time of Purchase to lock in a loan rate and terms with the lender while construction of their residence at Draper Creekside is completed. Construction of the initial homes at Draper Creekside was completed in early 2015. However, if there are delays, buyers using the preferred lender's extended rate lock programs won't have to worry about re-locking their rates at the last minute (provided we complete the project within the period of these rate locks, which is highly probable but cannot be guaranteed).

And, if mortgage rates actually lower during the period of your rate lock the lender may allow you to re-lock at the lower rate one time. Inquire with your lender for clarification of these and all other loan terms.

Additional benefits of using our one of preferred lenders include:
  • Offer qualified buyers at Draper Creekside a specially discounted loan origination fee of 1/2 of one percent rather than the standard one percent origination fee
  • Priority loan servicing ensuring you excellent customer service
  • They offer highly competitive rates with low fees and other costs to the borrower
  • FNMA and Freddie Mac approved conventional financing as well as alternative loan programs for those with lower FICO scores
  • Draper Creekside Townhomes should qualify for FHA and VA mortgage financing for borrowers preferring those loan programs
For details on this program please contact the teams handling Draper Creekside at our Preferred Lender. Our contact at Academy Mortgage is Tina Zakraisek ("Zak"), Senior Mortgage Officer, and she can be reached at (801) 859-7475 or via email at: tina.zakraisek@academymortgage.com. Or just visit their website directly at: www.AcademyMortgage.com/tinazak
Do you have financing assistance for low-income households?
Yes, contact one of our Preferred Lenders to inquire about low down payment programs they are offering.
Will I be able to negotiate the pricing of a unit, the upgrades, or any other terms of the contract if buying a townhome at the Sales Event?
No. We are working to not only build Draper's premier townhome community but also to offer it at terms and pricing that are fair to all. We will not agree to modify any of our pricing, requirements or terms during the Sales Event.
Will the Developer limit the number of residential townhome units that any one Buyer will be allowed to purchase?
Yes. During our pre-sales period the Developer plans to limit any one purchaser (whether an individual or a business entity on title) to a maximum of two units.
Will I be allowed to rent out my townhome?
Yes. The Developer will sell to owners that intend to rent the residence to others. The intended use of each Buyer will be noted at the time of sale by the Development team in order to not exceed 50% sold to non-owner occupants. This is done to maintain FHA loan guidelines for communities such as Draper Creekside, and help ensure that Buyers wishing to obtain FHA approved loans are able to do so upon credit approval. If Buyer demand from non-owner occupants exceeds this threshold (which is not anticipated) then the Developer would restrict further sales of new homes in the community to non-owner occupants.

Buyers are encouraged to be familiar with any restrictions for renting out if that is their intent that are imposed by Draper City or other ordinance, project restrictions (CC&Rs), etc.
Will I be allowed to assign any or all of my interest in a townhome to another party once I am under contract to purchase but before I close on the transaction?
Under certain conditions and only with the prior written approval of the developer. If a buyer at Draper Creekside wishes to assign his or her interest in a purchase contract to another party then the developer will require as one of the conditions of approval that any assignment fee or other "consideration" negotiated between the original buyer (Buyer #1) and the replacement buyer (Buyer #2) be paid to the developer at the time of assignment. Other conditions and restrictions will apply as determined by the developer, and will be disclosed prior to the beginning of the Sales Event. Even if Buyer #1 agrees to all terms specified by the developer, this is no guarantee that the developer will permit an assignment. Assignment other than as permitted by the developer will result in termination of the purchase contract with Buyer #1, and any earnest money or upgrade deposits made by Buyer #1 will be retained by the developer as consideration for Buyer #1's breach of contract.
After Draper Creekside is complete and I have purchased my townhome, will there be any restrictions against me then selling the townhome to someone else?
Yes. The developer will require that all townhomes at Draper Creekside be sold and "closed" prior to permitting the resale of any units or that eighteen months from your own Settlement date has occurred -- whichever comes first. This is customary on a residential project such as Draper Creekside to limit speculation in the community. Once these conditions have been met, you will be permitted to sell your residence(s) without restriction.
Will the developer of Draper Creekside agree to participate in a tax-deferred 1031 Exchange when I purchase my townhome?
Yes, under certain conditions that will be defined by the Developer at or prior to the Sales Event.
Can my upgrades be included in the mortgage so that I am able to finance my upgrade costs?
Typically, yes. Our Preferred Lenders are aware of our upgrade program, and their loan programs should be able to accommodate increased values of upgraded townhomes as required. Selected upgrades will be part of the purchase contract, outlined in an Upgrade Addendum (referred to as the "Schedule A"), which will specify each upgrade selected and the cost of each upgrade.

Because 50% of a buyer's upgrade expense will be due at the time they are ordered (other than custom upgrades agreed to by the Developer that are not listed on the Schedule A, in which case 100% of the cost of the upgrade(s) is due in advance), the buyer will have to advance the funds. Upgrade funds paid by buyers will be placed into the working capital account of the developer at Bank of American Fork, and will be used during construction by the developer to pay the contractors for the upgrades installed in the residence(s) and for other expenses incurred at the sole discretion of the Developer.

The buyer then will be reimbursed (given a check) for the cost of upgrades (or a portion thereof, agreed to between the buyer / borrower and the lender at "closing" by the title company if the cost of upgrades is included in the loan amount. Please consult your chosen lender about any specific questions you have on this and other issues prior to committing to Draper Creekside Townhomes or to a specific lender or loan program.
Will I be allowed to do any of the upgrades on my own or hire my own subcontractor to work on the townhome?
Not prior to the time of Settlement and your legal Possession of the residence. Due to liability issues any customization of a townhome must be performed after the unit has been sold and Closed. At that time the owner may customize the unit provided doing so complies with guidelines established in the Homeowners Association documents.
As a Priority Reservation Holder, will I be able to mail in my "order" if unable to attend the Sales Event?
No. We have reviewed the options for processing Reservation Holders' purchase contracts using a mail-in procedure and determined that doing so provides more risk to the Developer and the Reservation Holder than we want to assume or ask our Reservation Holders to take on. As an alternative to personally attending our Sales Event, Reservation Holders will have the option of appointing an "Attorney in Fact" using a Special Power of Attorney form drafted by the project attorney and available to our Reservation Holders upon request.
What factors determine the pricing of a Draper Creekside Townhome?
Our unit pricing is primarily guided by five criteria:
  • Interior Square Footage of the unit
  • Whether the unit is an end unit or not
  • Location of the unit within the complex
  • Views from the unit
  • Projected "scarcity" of the unit relative to market demand
Scarcity is defined here as the relative perceived shortage or excess of supply of this type of townhome when compared to other similar townhome units in the local area.
What will the required Earnest Money and Construction Deposits be?
Our goal is to make Draper Creekside affordable and accessible to as many as possible while ensuring that there is legitimate interest and ability on behalf of the buyer in buying one of our homes.

Therefore, we are keeping our required Earnest Money deposits to $2,000 per residence at this time. We will additionally require a Construction Deposit of $1,500 at a later date (once already Under Contract).

This brings total deposits required (unless ordering any upgrades to the residence) of $4,000 per townhome.
If I order any upgrades, when will I have to pay for them?
If you select from our listed set of upgrades (Schedule A), then we will require a 50% deposit at time of your order. The remaining 50% will be due at Settlement (Closing).

If you request and developer agrees to furnish any upgrades in the residence that are not on the Schedule A upgrade list, then 100% of the agreed to price of such upgrade(s) will be due at time of the order.
Will Draper Creekside Townhomes accept backup purchase contracts on units that are already "Sold" (show as "Pending" on website) in case the current buyer fails
Generally no. We will typically have other remaining available inventory that is similar to the residence in question at that time. We recommend visiting Draper Creekside's website, which is continuously updated, to find out if a Pending unit you are interested in has come back on the market. If a Pending townhome falls "out of contract" then it will be re-posted on this website as "Available" and sold to the next Buyer.
Will there be any "Escalation Clauses" in the Purchase Contract to protect the developer against future price increases while constructing Draper Creekside Townhomes?
Not at this time. We do not plan to include an "escalation clause" in any Draper Creekside Purchase Contract. However, if market conditions change and it becomes necessary to add an Escalation Clause to the Purchase Contracts of unsold townhomes, we reserve the right to do so for residential units that are not yet Under Contract (Pending). In that circumstance, all previously sold or presold units would continue to not have Escalation Clauses.

Although it is common in the current era of unpredictable labor and materials markets for a developer to require buyers at a development such as Draper Creekside to accept escalation clauses in the Purchase Contract (which would require the buyer to pay more for their townhome if construction costs exceed certain limits), the developers of Draper Creekside Townhomes have elected to do the work now to lock in all costs to the degree possible. They then take the risk of further increases by not forcing buyers to accept escalation clauses as a condition of purchase.
Will I be able to negotiate the pricing of a unit, the upgrades, or any other terms of the contract?
We will review all reasonable offers, and will respond to those that the Developer considers to be made in good faith and that have a high likelihood of reaching Acceptance, in our opinion. That said, there have been no pre-sales at Draper Creekside that have been accepted for less than the price offered on our website by the Developer. We will not negotiate pricing or specifications of the Upgrade items we offer unless we do so through a Change Order (which incurs a Change Order fee in addition to revised upgrade costs & specs).

We strive always to build value-leading townhome residences and communities that are priced to not only be among the best options for active Buyers, but to be the best value among our competing residential communities.
Will Draper Creekside be "platted" as a Planned Unit Development (a "PUD") or as a condominium?
Draper Creekside is platted as a Planned Unit Development, not as a condominium.
Will there be a limited number of residences that will be sold to investor buyers who want to rent out their townhome?
Yes. In our desire to build and help maintain a stable and viable residential community, at this time we plan to sell no more than one-third of the townhomes at Draper Creekside to investors and two-thirds to owner occupants (primary residences, second homes, etc.).

The developer reserves the right to exceed this guideline and sell additional residences to investor owners without notice, but is aware of the importance of keeping the community (while in developer's control) primarily owner-occupied for mortgage lending guidelines imposed by banks and mortgage brokers and underwriters.
Will I be allowed to assign any or all of my interest in a townhome to another party once I am under contract to purchase but before I close on the transaction?
Under certain conditions and only with the prior written approval of the developer. If a buyer at Draper Creekside wishes to assign his or her interest in a purchase contract to another party then the developer will require as one of the conditions of approval that any assignment fee or other "consideration" negotiated between the original buyer (Buyer #1) and the replacement buyer (Buyer #2) be paid to the developer at the time of assignment. Other conditions and restrictions will apply as determined by the developer, and will be disclosed prior to the time of sale.

Even if Buyer #1 agrees to all terms specified by the developer, this is no guarantee that the developer will permit an assignment. Assignment other than as permitted by the developer will result in termination of the purchase contract with Buyer #1, and any earnest money or upgrade deposits made by Buyer #1 will be retained by the developer as consideration for Buyer #1's breach of contract.
After Draper Creekside Townhomes is complete and I have purchased my townhome, will there be any restrictions against me then selling the unit to someone else?
Yes. The developer will require that all townhomes at Draper Creekside be sold and "closed" prior to permitting the resale of any units OR that one calendar year from your own Settlement date has occurred -- whichever comes first. This is customary on a residential development project such as Draper Creekside Townhomes and is designed to limit buyer speculation in the community.
Will the developer of Draper Creekside agree to participate in a tax-deferred 1031 Exchange when I purchase my townhome?
>Yes, under certain conditions the developer will agree to participate in a 1031 tax-deferred Exchange. If you would like to buy at Draper Creekside as part of a 1031 Exchange please contact the sales team.

Timing and Delivery

When will Draper Creekside Townhomes be completed?
We expect to begin to be able to deliver finished townhomes to new owners in August, 2014. This anticipated delivery will be of residential units that are pre-sold to buyers with unit numbers 1, 2, 3, 4, 5, 6, 7 and 8.

Additional residences that are numbered unit 9 through number 20 will also be available for pre-sale to buyers, and will be completed following the completion of the first 8 residences and before commencing construction of residential units numbered 21 through 44. We keep our website current in terms of availability, pricing, etc. For a view of currently available remaining inventory, check here.

This schedule is primarily dependent on the severity of weather over the course of this coming winter, with the range in dates reflecting this effect. We will update this section as completion dates change or become more "firm."
Will some of the townhomes be available to move into before the entire community is completed?
Yes. Units 1, 2, 3, 4, 5, 6, 7 and 8 will be completed and available for Purchase and occupancy prior to other townhome residences.

We anticipate that units 15 through 20 will be completed as a second grouping.

We then anticipate that units 9 through 14 and units 21 through 44 will be completed as a final grouping within the currently planned community.

Check here for current availability and pricing.

Reservation System

What is the Reservation System at Draper Creekside?
Draper Creekside is rapidly proceeding with construction at this time, and will not require a reservation system on residential units numbered 1 through 20.

Residences 1 through 20 may be purchased at this time, for delivery beginning in late Summer 2014.
May I reserve a residence from numbers 1 through 20 before signing a Purchase Contract?
No, residences 1 through 20 are being offered only to those ready, willing and able to sign a Purchase Contract and place the required deposits at the same time.
What if I prefer to own a residence numbered 21 through 44?
We've got a simple "first-come, first-served" list that will be maintained by the developer's sales team to respond to this demand. There will be no reservation form to sign, no deposit to place, and no sales event to attend.

We will allow interested parties to put their name on a list that will contain no more than 10 names (total) per residence. There will be no priority given to any one name over another; all are equal.

Once 10 names are on any one residence's list, that list will be closed to new names. Names will not be accepted without a valid email address also furnished at that time (to receive our notice later).

At a date and time of the developer's choosing (likely Fall or Winter 2014), an email message will simultaneously be sent to the email addresses provided by the list members announcing the pricing of each residence being offered and that the home is now available for immediate purchase. Typically, this announcement will be for pre-sale homes which are not yet completed in order to allow those buyers to select finishes and upgrades for the residence.

If a list has fewer than 10 names and the developer is ready to release that unit for sale, then the email will still be sent to whoever has added their name and email address to that list.

As of that time, the residence will be available for sale to anyone who wishes to purchase it, whether on a list or not.

An individual (or couple, or company) may add their name(s) to no more than 2 lists (two residences).

There is no obligation between buyer and seller prior to execution at a later date of a Real Estate Purchase Contract (if buyer elects to purchase at that time).

The guidelines outlined here are subject to change, without notice, by the developer at any time.

Homeowners Association (HOA)

What items are included in the monthly HOA Dues at Draper Creekside Townhomes?
As is customary with townhome developments, owners prefer minimal amenities that would drive up HOA dues and other costs. The benefits of ownership at a townhome community are derived by placing as much emphasis as possible on the individual residential spaces while minimizing the maintenance and costs of the shared common area elements.

With this in mind, Draper Creekside's planned amenities include:
  • Fenced Private Rear Yards with each townhome, maintained by HOA
  • Fully Landscaped and professionally maintained exterior common areas
  • Pavilion & Playground / Park area with grass
  • Exterior building & common area maintenance
  • Culinary (drinking) water
  • Secondary water (irrigation) for common areas and rear yards
  • Fiber Optic Data & Communications Wired Community for faster connections
  • Trash & Recycling Removal
  • Snow Removal
  • Window cleaning (currently set for once annually)
  • Community Mail Service to Property Entrance location (individual PO boxes)
  • Professional Property Manager
  • Common area utilities
  • Common Area and Limited Common Area Property Taxes paid
  • Master Insurance Policy covering Structure, Common areas and Limited Common Areas
  • Administrative Expenses (accounting, licenses and fees, office supplies, telephone, etc.)
  • Prudent Reserve
Monthly HOA Dues will average about $150 per residence, with a range of about $140 to $160 per residence using the current budget. HOA dues and items covered by dues are subject to change.
Will DirecTV satellite programming be available at Draper Creekside?
Yes, we plan for DirecTV to be installed at Draper Creekside using a "MDU" (multi-distribution unit) system. This will allow each unit to receive programming throughout their residence without having to pay for or have installed a separate satellite dish. One dish for each building (meaning each four-plex or six-plex structure) can be installed on the roof to serve all units in that structure.

If bundled service is ordered in the future, either by the Developer or by the Homeowners Association once the HOA is turned over to owners, the fee (estimated at $35/month/residence) would be added to the monthly HOA dues rate in order to provide discounted television programming to all residences. Also, if deploying bundled service each unit at Draper Creekside would likely use DirecTV for television programming (in this event Comcast would not be used on site for TV programming). High-Definition TV (HQUESTIONV) programming would be ordered for all in the event that a bundled service were ordered by the Developer. If later a bundled service were purchased by the Homeowners Association, it would be left to the owners collectively (in a vote) whether to have HQUESTIONV or standard definition programming at the community.

Owners could still order Comcast cable modem hi-speed internet service in their residence, or other services that may become available to Draper Creekside in the future. CenturyLink (formerly Qwest) has opted not to provide landline or DSL service to Draper Creekside Townhomes at this time. Prospective buyers should not purchase a unit at Draper Creekside contingent upon either having or not having bundled service in their residence, or having access to any CenturyLink services. If a specific service provider is material to your own interest, please contact that service provider directly to determine whether or not service will be available to you at the property.
Does Draper Creekside Townhomes allow pets?
Yes. Refer to Covenants, Conditions and Restrictions (CC&R) for specific limitations or restrictions.
Will I be allowed to rent out my townhome?
Yes. The Developer will sell to owners that intend to rent the residence to others. The intended use of each Buyer will be noted at the time of sale by the Development team in order to not exceed 50% sold to non-owner occupants. This is done to maintain FHA/VA loan guidelines for communities such as Draper Creekside, and help ensure that Buyers wishing to obtain FHA and VA approved loans are able to do so upon credit approval.

If Buyer demand from non-owner occupants exceeds this threshold (which is not expected to occur) then the Developer would restrict further sales of new homes in the community to those who plan to be owner occupants rather than investor owners who would rent out.

Restrictions and guidelines are specified in the Declarations (CC&Rs), which are Recorded with the Salt Lake County Recorder's office. Contact Draper City Planning and Zoning if you wish to check on any restrictions on renting due to zoning or other requirements.

Sales Center

Will there be a model home created at the community?
Yes, we plan to furnish a sales model at Draper Creekside using one or two of the residences that are completed as units 1 through 8. This model unit will be conveniently located near the entrance to the community. Two models would allow the developer to present residences in each of the two primary size configurations.

We currently anticipate these models to be open during the month of July.

Prior to that time, we may open a trailer on-site to hold client and prospect meetings, presentations, etc. If done, this would likely occur in late May or June, until our sales models are open.