As part of the Oakwood contract, Oakwood will give the borrower a choice of buying a landscape package and including it in the purchase price of the home which is done with a change order increasing the base price. In this case it is part of the sales price and therefore also the appraised value. If it is not completed at the time of closing, an escrow is set up because it was part of the sales price and appraised value.
If the buyer does not elect to buy a landscape package, Oakwood requires the buyer to put a deposit up at close of a standard set amount which differs between subdivisions. Once the borrower has completed their landscape, they notify the HOA or Metro District who verifies completion and authorizes release of the borrower’s.
The deposit is collected to ensure the buyer puts in their landscape in a timely manner and keeps Oakwood subdivisions ecstatically appealing.