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September 28 2018

Tips on New Construction Paperwork

Common Paperwork For Buying New Construction In California

A common type of new construction are ones sold within newly developed communities. There is usually a variety of layouts to pick from as well as various upgrades. Purchasing new construction is somewhat different from other types of properties in the amount of paperwork involved. The common paperwork for buying new construction in California offered in this article provides a basic understanding of what some of them are.

Builder Warranties

If a home warranty is provided, this will be detailed separately. All warranties are different. Some builders include almost everything while others have a limited list. Pay special attention to actions that may void the warranty. Additionally, keep the warranty deadline in mind.

Specific Builder Paperwork

Many home builders use their own forms. Those that use standard forms will usually include a custom addendum. In either case, there are purchase terms that you must understand in order to buy the property. Real estate agents are not allowed to advise you on the terms (because it is viewed as practicing law). You should obtain the help of a lawyer. In many cases, builders are not willing to alter these terms.

Upgrade Options

There is normally a list of common add-ons and prices. The first thing to do is to find out the last possible date for selecting upgrades. After the deadline, you might not be allowed to add them or it might be more expensive to do so. Also, document your choices.

Reservation Forms

The ability to hold a unit is not always an option. If you are interested in a particular lot, ask whether it can be reserved. You normally must submit a deposit of some sort and are allowed a certain time frame to act. This will give you time to review building specifications and other paperwork.

Building Designs

Layout and building plans are usually one of the first documents that you get to review. Go through it closely to understand what specifically is part of the home, and more specifically, what is not. Be aware that some drawings may be overviews rather than explicit blueprints.

Common Paperwork For Buying New Construction In California

The process of buying a newly constructed home is certainly more complex than buying a resale. It is critical to work with a real estate agent familiar with the challenges. Your agent will help manage the documentation and help you stay on track. Common paperwork for buying new construction in California is simply one of many considerations in the real estate process.